Sentences with phrase «owe on the reverse mortgage»

Your lender doesn't want to get stuck with a burned - out shell of a home that isn't worth nearly what you owe on the reverse mortgage.

If your home is worth more than the amount that is owed on the reverse mortgage, the excess will go to your heirs, not the lender.

A reverse mortgage doesn't do anything to your home's equity that any other mortgage wouldn't do; the only difference is that you don't have to repay a reverse mortgage until the death of the last surviving spouse, and assuming the amount you owe on the reverse mortgage is less than the property's value, your heirs would inherit the difference.

For example, if the home appraised for $ 500,000 and the balance owed on the Reverse Mortgage was $ 600,000 the heirs would have to come up with $ 600,000 if they wanted to keep the home.

The Non-Recourse feature of the Reverse Mortgage guarantees that the maximum amount owed on this Reverse Mortgage at this 20 year mark if the homeowner were to have passed away, would be whatever the home appraises for in year 20.

If the net selling price is greater than what is owed on the reverse mortgage, the homeowners (or their heirs) receive the net difference.

Not exact matches

We still owe mortgage payments on our home to the tune of $ 13,500 a year, but by getting a reverse mortgage that $ 13.5 k will go away, and we'll have a $ 105,000 credit line making a bit over 5 % interest per year (which we don't need at this time, so it will accumulate at compound interest).

A reverse mortgage prevents you from ever owing more on your home than its value.

The math on those reverse mortgages is scary, mainly because payments aren't made so the amount owing only gets bigger and bigger.

In a reverse mortgage loan, the homeowner is not typically required to make any payment on an amount borrowed unless one of the above conditions occurs, as even interest on the amount borrowed is simply added to the amount of the loan owed.

Protects you from owing more on your reverse mortgage than your home is worth.

They may be using the reverse mortgage with no intention of paying down what is owed, but the loan will have to be repaid when the owner moves, dies or if the house is foreclosed on, she says.

A reverse mortgage may be the solution to financial difficulties if you are a senior citizen and you owe nothing, or close to nothing, on your home.

If you owe money on your home mortgage, you must pay off this debt with money from the reverse mortgage.

False: As long as there is sufficient equity in your home, you may be eligible for a reverse mortgage loan, even if you still owe money on your existing mortgage.