Sentences with phrase «than the value of the home»

This means that you can never owe more than the value of your home at the time you or your heirs sell your home to repay your reverse mortgage.

This insurance protects the borrower in that they will not be responsible for more than the value of their home when the loan becomes due and payable.

You can imagine that in some cases, the loan balance on a reverse mortgage might grow for many years, and it might even be greater than the value of the home itself.

If the home sells for less than the owed balance, the estate is not required to pay more than the value of the home at the time the loan is repaid.

A mortgage loan taken out several years ago, not requiring mortgage insurance may now be underwater (the loan balance is higher than the value of the home).

And if the balance is less than the value of your home at the time of repayment, you or your heirs keep the difference.

The lack of equity in these homes became a crisis when home prices dropped and the owners owed more on their mortgage than the value of their home.

Thus, the owner can never borrow more money than the value of the home at the time the loan is repaid.

But the borrower can never owe more than the value of the home because the lender and mortgage insurance, private or governmental, would have to absorb the difference.

The owed amount could even appreciate faster than the value of the home itself.

Having your house insured for the true replacement cost of your home rather than the value of your home can reduce your premiums.

Better yet, you can never owe more than the value of your home in a reverse mortgage loan, regardless of how much you borrow.

Look at what homes in the area are selling for and then realize that you won't get more than the value of the home so you should consider all offers that are reasonable.

This may not be possible where the mortgage payoff is greater than the value of the home.

This process is called a «short sale,» which occurs when a lender agrees to write off the portion of a mortgage that's higher than the value of a home.

To qualify for a HELOC, you need to have available equity in your home, meaning that the amount you owe on your home must be less than the value of your home.

The lack of equity in these homes became a crisis when home prices dropped and the owners owed more on their mortgage than the value of their home.

If the home sells for less than the owed balance, the estate is not required to pay more than the value of the home at the time the loan is repaid.

You are never required to repay more than the value of the home at the time the reverse mortgage is paid off.

Additionally, all HECM reverse mortgages are insured by the Federal Housing Administration (FHA) 3 and non-recourse, so even if home values do not remain at their current levels, the homeowner will never owe more than the value of the home loan.

The center provides borrowers who currently owe more than the value of their home with the information and resources needed to determine if they are eligible for the Home Affordable Refinance Program.

Fact: With a HECM loan, you do not owe more than the value of your home when sold.

The main reason is the overhang of debt, Clinton explains: Consumers are reluctant to spend because they have to devote so much of their cash flow to mortgages that in 25 % of cases are higher than the value of their homes.

Additionally, all reverse mortgages are insured by the Federal Housing Administration (FHA) 4 and non-recourse, meaning the homeowner will never owe more than the value of the home loan.

The FHA programs requires that the lender write down the balance of the loan to 5 % less than the value of the home and in addition pay FHA its fees to originate the new loan.

Plus, with a Reverse Mortgage you will never owe more than your home's value at the time the loan is repaid, even if the Reverse Mortgage lenders have paid you more money than the value of the home.

The HARP program, first introduced in 2009 and expanded in 2011, has helped more than 3 million homeowners refinance in spite of owing more on their mortgages than the value of their homes.

You or your heirs will not be required to pay more than the value of your home at the time the loan is repaid; even if your loan balance exceeds the value of your home provided you or your heirs decide to sell the home.

Insurance for HECM reverse mortgages guarantees borrower funds if the lender goes out of business and ensures the borrower will never owe more than the value of the home when sold.

In chapter 13, if your first mortgage amount is more than the value of the home, then you may be able to strip your junior mortgage.

Due to the federal insurance protection offered by the FHA, you do not have to pay more than the value of the home when it is sold, even if your loan balance surpasses your home's value.

Home values have been falling because too many people who once «qualified» for toxic financing now have loans where the mortgage balance is substantially greater than the value of the home and the payments are not affordable.

Even then, neither the senior or the senior's estate can be required to pay more than the value of the home.

In the event the loan balance is greater than the value of the home, the heirs can either 1) arrange to voluntarily turn over ownership of the property to the lender (Deed in lieu of foreclosure), or 2) buy the home at 95 % of the appraised value.

You may even be able to borrow more than the value of your home.

Further, a «non-recourse clause» is available for most reverse mortgages, which ensures you can't owe more than the value of your home when the loan is due.

Unlike a traditional loan, reverse mortgages are non-recourse, meaning that a borrower will never owe more than the value of their home — a comforting aspect of the loan in times when home values have declined.

In the event the loan balance is greater than the value of the home, you or your heirs can either arrange to voluntarily turn over ownership of the property to the lender (Deed in lieu of foreclosure), or buy the home at 95 % of the appraised value.

If the loan ends up amounting to more than the value of the home when sold, government insurance will cover the difference.

If the loan balance is more than the value of the home, FHA insurance covers the remainder.

In the event the loan balance is greater than the value of the home, the borrower can either arrange to voluntarily turn over ownership of the property to the lender (Deed in lieu of foreclosure), or buy the home at 95 % of the appraised value.

Even if the amount you borrowed eventually exceeds the value of your home, you or your heirs will never owe more than the value of your home.

Qualifying for a HELOC To qualify for a HELOC, you need to have available equity in your home, meaning that the amount you owe on your home must be less than the value of your home.

A «non-recourse» clause prevents either you or your estate from being responsible for more than the value of your home when the loan is repaid.

There was a time, not too long ago, when some lenders were pushing No Equity Loans pretty hard, even lending up to 25 % more than the value of the home (called a 125 % Loan).

Furthermore, even though the borrower will never owe more than the value of that home, interest accrues throughout the life of the loan.