Sentences with phrase «other liens against your home»
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.
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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.
A key follow - up question is, «What is the current mortgage balance and are there any other liens against the home, such as a second mortgage or home equity loan, judgment liens, and mechanics» liens?»
Not exact matches
In other words, with a Home Equity Loan or HELOC, you will have two mortgages on your property; in all likelihood, it will have a higher interest rate than your first mortgage due to the fact that it will be held in a second lien position against the property.
By placing collateral against the value of a bad credit loan, you are giving the lender permission to place a lien against your home or other valuable property.
Concerns for these properties can include the condition of the home and how much repair costs will be needed to make it habitable and / or other liens pending against the property, among other issues.