I called on a whim because you had placed
my original mortgage on this house.
I called on a whim because you had placed
my original mortgage on this house.
Not exact matches
You take over the
original mortgage and create a 2nd
mortgage on the remaining cost of the
house with the seller.
You take over the
original mortgage and get a second
mortgage on the remaining cost of the
house with the seller.
You take over the
original mortgage and get a 2nd
mortgage on the remaining cost of the
house with the seller.
You take over the
original mortgage and make a second
mortgage on the remaining cost of the
house with the seller.
You take over the
original mortgage and create a second
mortgage on the remaining cost of the
house with the seller.
This is advisable only if you have paid more that half of your
mortgage or you have made improvements
on the
house and the current value is higher than that considered for the
original loan.
You should also find out how much you still owe
on your
original mortgage, and what your
house is worth in the current market.
On the other hand, with a traditional
mortgage, the retiree could relocate and keep the
original house as rental or investment property, while the reverse
mortgage would require a payoff in such a scenario (as the retiree would cease to use the properly as a primary residence, one of the key requirements for keeping a reverse
mortgage in place).