Sentences with phrase «repaid after the mortgage»

The principal of the loan is repaid after the mortgage is paid off or after the house is sold.

Not exact matches

I think anyone looking at a mortgage should seriously consider how interest rate changes would impact their ability to repay — after all that's what started the credit crunch!

The MP was forced to repay # 7,000 after over-claiming mortgage interest on her second home.

Labour backbencher Austin Mitchell has repaid # 10,459 after expenses auditor Sir Thomas Legg uncovered an error in his mortgage claims.

She also pledged to repay # 5,800 to cover over-claiming of mortgage expenses after she failed to cut her claims as interest rates fell.

[5] To help cover living expenses while enrolled, low - income students could apply for grants, and all students could obtain small government loans to be repaid via mortgage - style payment plans after graduation.

If the loan is not repaid after maturity, no assets other than the home can be taken to pay off the reverse mortgage loan.

A Board of Directors was charged with establishing underwriting standards to ensure borrowers, after any write - down in principal, have a reasonable ability to repay their new FHA - insured mortgage.

In the event that you or your heirs want to keep the home after a maturity event, you may repay the loan by using other funds or by refinancing it into a traditional mortgage.

For example, based on the recent HUD ruling, someone who marries a reverse mortgage borrower after he or she has taken out the loan or a child of the borrower who had been living in the home would not be entitled to stay on without repaying the loan.

The assistance is provided in the form of a deferred mortgage loan (50 % forgiven after 10 years of occupancy) that must be used for eligible costs, and it need not be repaid until re-sale or transfer of the property.

Either you or your heirs would typically take responsibility for the transaction and receive any remaining equity in the home after the reverse mortgage loan is repaid.

You have the joy of owning your own home after the mortgage has been repaid, and by the time that happens your home is going to be worth much more than you have bought it at.

Usually there's a 90 - day period to settle a reverse mortgage after the borrower dies, sells or moves, but under a proposed Texas bill, HB 2410, heirs would have the right to repay the debt over 15 years.

After each term expires, the balance of the mortgage principal (the remaining loan amount) can be repaid in full, or a new mortgage can be renegotiated at current interest rates.

A 15 - year mortgage is repaid after 180 monthly payments.

A second mortgage only gets back whatever money is left over after the first mortgage lenders are repaid in full and might not be able to exercise its rights to foreclose a property if the first mortgage is not in default.

If house prices go up, and junior gets a promotion at work and has a long and successful marriage, your second mortgage will be repaid, with interest, and everyone will live happily ever after.

When the loan ends (after the borrower has died, sold the house, or moved out of the property for 12 consecutive months), the reverse equity mortgage is repaid using the proceeds from the sale of the house.

If the heirs of the estate intend to sell the home to repay the reverse mortgage loan, they are able to keep any proceeds or profits from the sale of the home after the loan balance has been paid off.

• If the heirs of the estate indeed sell the home to repay the reverse mortgage loan, they are able to keep any proceeds or profits off the sale of the home after the loan balance has been paid off.

After all, a mortgage becomes easier to repay if the interest rate is low.

Bad credit mortgage lenders in North Bay make their profits from selling real estate so before giving out loans, they must make sure that a borrower has enough equity to guarantee them compensation after prior mortgages have been repaid in the event that you are unable to cover the debt.

When the loan ends (after the borrower has died, sold the house, or moved out of the property for 12 consecutive months), the reverse mortgage is repaid using the proceeds from the sale of the house.

A new report revealed that taxpayers may be impacted from an increasing number of student borrowers struggling to repay their loans.Many students aren't getting out of school without being saddled with huge student loan debt — it's the second largest type of consumer debt after mortgages.

You may be liable for any mortgage shortfall debt if after possession the sale proceeds are not enough to repay your outstanding debt.

After you have financed the house, you can usually go and take out a 2nd or 3rd mortgage up to the full value of your house, and then you could repay the relatives.

The CFPB rule defines a «qualified mortgage» that is presumed to meet the ability to repay requirements as one «for which the «creditor» underwrites the loan, taking into account the monthly payment for mortgage - related obligations, using: The maximum interest rate that may apply during the first five years after the date on which the first regular periodic payment will be due.»

After a term expires, the balance of the principal owing on the mortgage can be repaid or a new mortgage agreement can be established at the current day interest rates.

It calculates a seller's net gain after the current mortgage (s) have been repaid and taxes, sales commissions and other closing costs involved in the sales transaction have been accounted for.

After settling on the fact that you need $ 500,000 in coverage to repay your mortgage, payoff your debts, and replace your income for a specified number of years, you will need to sit down and settle on which term is right for you.

Heirs will repay the Mortgage by using promoting the home and will best inherit the remaining cash after the reverse Mortgage lender has the loan satisfied.

«The Dodd - Frank Wall Street Reform and Consumer Protection Act (Dodd - Frank) requires creditors to make residential mortgage loans only after a reasonable and good faith determination that the consumer has a reasonable ability to repay the loan and attendant expenses.

After a borrower passes, heirs take over the responsibility of repaying the remaining reverse mortgage loan balance.

If the loan is not repaid after maturity, no assets other than the home can be taken to pay off the reverse mortgage loan.

After the borrower is no longer living in the home, the estate may choose to either repay the balance of the reverse mortgage or sell the home to pay off the balance.

After all, it is this person's job to ensure that the mortgage loan is sound, and that involves determining the borrower's ability to repay the loan.

If the lender reported a deficiency balance — which is essentially the balance of your mortgage that wasn't repaid after the sale — the impact will be similar to a foreclosure.