Sentences with phrase «satisfying existing liens»
Obtain clear title by ordering title reports; resolving title defects; satisfying existing liens and encumbrances against property or principals.
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When pursuing a reverse mortgage, any existing mortgages will need to be satisfied so that the new mortgage is the only lien attached to the property.
A refinance transaction in which the new mortgage amount is limited to the sum of the remaining balance of the existing first mortgage, closing costs (including prepaid items), points, the amount required to satisfy any mortgage liens that are more than one year old (if the borrower chooses to satisfy them), and other funds for the borrower's use (as long as the amount does not exceed 1 percent of the principal amount of the new mortgage).
A refinance transaction in which the amount of money received from the new loan exceeds the total of the money needed to repay the existing first mortgage, closing costs, points, and the amount required to satisfy any outstanding subordinate mortgage liens.
Worked closely with title departments to ensure all existing liens and taxes were satisfied and all appropriate documents were recorded and filed with each county.
However, if your home is in need of FHA - required repairs or you have an existing lien, judgment, or taxes that are due, those must be satisfied, either through the reverse mortgage loan proceeds or prior to obtaining a reverse mortgage loan.
The home must be owned free and clear or all existing liens and mandatory obligations would need to be satisfied through the reverse mortgage proceeds.