Sentences with phrase «permanently moves out of the home»

Pay Back the Loan: Reverse mortgages are paid back plus interest when you die, sell your home, or permanently move out of your home.

The loan is only repaid when the borrower dies, permanently moves out of the home, or if the house is sold.

However, interest and monthly insurance premiums are charged throughout the life of the loan with the total balance becoming due when the borrower permanently moves out of the home or dies.

Unlike a traditional mortgage that has a maturity and requires monthly payments, a reverse mortgage does not require monthly payments and does not come due until the last surviving borrower permanently moves out of the home.

Instead, the loan balance is due when the borrower permanently moves out of the home, typically at death or when the home sells.

Not exact matches

We were not separated, we simply lived long distances apart many months out of the year due to several personal family necessities) and only recently moved on Jan 15, 2015 to a rental in Pa. (now back permanently in the same home in Pa.).

The loan becomes due when all of the homeowners have passed away or have permanently moved out of the property, provided that taxes and insurance are paid and the home is maintained according to Federal Housing Administration (FHA) standards.

That would mean death or moved out of the house and HUD considers an absence of 12 months or more permanently leaving so vacations, trips to the summer home and short (up to 12 months) stays in the hospital are not considered permanently leaving.

Payment deferment ends when the last surviving member of the household permanently leaves the home (when the last borrower dies, moves out of the property for 12 consecutive months, or the property is sold).

Thus far, our tenants are people separating from a long term relationship, leaving their parents» home for the first time, somebody here on temporary work assignment (which looks to maybe becoming permanent), somebody who just moved out here to take a new job and isn't sure of where they want to live permanently and somebody who is recently disabled, but is waiting for social assistance to come through and is living off of a 401k and needs to stay some place as inexpensive as possible to make her money stretch.

The loan becomes due when all of the homeowners have passed away or have permanently moved out of the property, provided that taxes and insurance are paid and the home is maintained according to Federal Housing Administration (FHA) standards.