Sentences with phrase «off existing liens»

Because loan proceeds will always go towards paying off existing liens first, a reverse mortgage provides borrowers with the most disposable cash if the home is either paid off or the remaining mortgage balance is low.

Because loan proceeds will always go towards paying off existing liens first, a reverse mortgage provides borrowers with the most disposable cash if the home is either paid off or the remaining mortgage balance is low.

In addition, the loan proceeds would pay off any existing liens, thus eliminating the homeowner's monthly mortgage payment.

This use is most common with reverse mortgages, since borrowers must pay off their existing lien, and without a monthly mortgage payment, «borrowers are responsible for paying property taxes, homeowner's insurance, and for home maintenance», it makes it easier to use the extra cash flow to pay down bills.

This use is most common with reverse mortgages, since borrowers must pay off their existing lien, and without a monthly mortgage payment, «borrowers are responsible for paying property taxes, homeowner's insurance, and for home maintenance», it makes it easier to use the extra cash flow to pay down bills.

Doing a rate and term refi (i.e., a refi that just pays off the existing lien and doesn't give you any cash) is easier than doing a purchase loan.

Not exact matches

https://www.seattletimes.com/business/debunking-common-misconceptions-on-reverse-mortgages/ 4 Your current mortgage (s) and any other existing liens against the property, must be paid off at or before closing.

Lenders first use reverse mortgage loan proceeds to pay off existing mortgages and liens on the property, after which borrowers may use the rest of the funds in almost any way they wish.

«If the new maximum FHA loan is not enough to pay off the existing first lien, closing costs and arrearages,» said HUD, «the lender may execute a second lien at closing to pay the difference.

* Under certain conditions explained below, FHA will insure first mortgages where (1) the existing note holder writes off the amount of indebtedness that can not be refinanced into the FHA insured mortgage; or (2) either the FHA approved lender making the new mortgage or the existing note holder may take back a second lien that includes closing costs, arrearages or previous secondary financing if the indebtedness exceeds FHA prescribed LTV and maximum mortgage amount limits.

It mandates principal reductions and does not permit new subordinate liens to be used to pay off some portion of the existing mortgage debt, even if that debt were secured by the value of the property.

2 Your current mortgage (s) and any other existing liens against the property, must be paid off at or before closing.

Sheets: Table 13 89, and Available from: https://www.federalreserve.gov/econres/scfindex.htm 4 Your current mortgage (s) and any other existing liens against the property must be paid off at or before closing.

If you do not have existing liens to pay off, you would lose the availability of the remaining funds after the initial draw.

The existing home mortgage and any liens on the property are paid off and replaced with a new mortgage.

TIP: Use a free reverse mortgage calculator to see how much equity you can access after you pay off your existing mortgage (if any), any property liens, and deduct the loan origination costs.

FHA 203K Loans When a homebuyer wants to purchase or refinance a house in need of repair or modernization, the borrower usually has to obtain financing first to purchase the dwelling or financing to take out any existing liens should they already own it; additional financing to do the rehabilitation construction; and a permanent mortgage when the work is completed to pay off the interim loans with a permanent mortgage.

Following the deduction of the upfront fees and the payoff of the existing mortgage (a Reverse Mortgage borrower must always pay off any existing mortgages and other liens against the home), the borrower in our Reverse Mortgage example is left with the following amounts available in the form of lump sum cash or line of credit.

If you have an existing mortgage — or any other liens against your home — these must be paid off using the funds from your Reverse Mortgage.

The proceeds can be used for any purpose, but any existing liens on the property must be paid off at closing.

However, the reverse mortgage must be in a first lien position, so any existing indebtedness must be paid off.

https://www.seattletimes.com/business/debunking-common-misconceptions-on-reverse-mortgages/ 4 Your current mortgage (s) and any other existing liens against the property, must be paid off at or before closing.

Sheets: Table 13 89, and Available from: https://www.federalreserve.gov/econres/scfindex.htm 4 Your current mortgage (s) and any other existing liens against the property must be paid off at or before closing.