Not exact matches
Even if your home sells for its
appraised value, the net proceeds could be much lower
than anticipated
due to legal fees, realtor fees, and other closing costs.
This means that regardless of the loan balance, you and your heirs will not be responsible for repaying more
than the home's
appraised value at the time the loan becomes
due and payable.
We have a
value - add multifamily deal where the renovation took longer
than expected
due to bad weather and permitting delays, however we achieved rents well above our underwriting and thanks to cooperating capital markets, we achieved an
appraised value above our underwriting and refinanced returning a majority of capital to investors.
With a FHA - insured3 reverse mortgage loan you'll never owe more
than the
appraised value of your home when the loan comes
due, so long as the home is sold to repay the loan.
The formula didn't work
due to a guideline that allowed either the $ 8000 maximum or the
appraised value, whichever was lower; and since energy upgrades cost more
than they do today.