Sentences with phrase «there as their primary residence»

Once the last surviving borrower dies, sells your home, or no longer resides there as the primary residence, you or your estate is responsible for repayment of the money you received from the reverse mortgage, plus interest and other fees.

However, to be eligible to close on a reverse mortgage, you must first satisfy requirements that include being at least 62 years old, owning your home, and residing there as your primary residence.

The borrower (s) moves out of the home for 6 months or greater and / or no longer lives there as their primary residence.

Not exact matches

However, since all siblings are tenants - in - common and the inherited home is not a primary residence, there will be a capital gains tax hit when there is another disposition of the property, such as the sale of the home.)

As hous prices increase there are opportunities to take advantage of tax free capital gains, $ 250,000 (single) or $ 500,000 (married), if the home has been your primary residence.

While there are many great mortgage products available for primary residences, which allow people to buy a home for as little as three percent down, purchasing a real estate investment property can be more difficult.

While there are valid arguments at this time as to whether one should rent or own their primary residence given the absurd amount of debt most are carrying on their principal residence along with artificially cheap money and the boomer influx about to hit the real estate markets across Canada over the next few years it would seem you are okay in that area.

However, one of your team members, Brian, whom I met in Santa Ana, really cared about my situation and gave me such sound advice that not only was I able to keep my existing residence, but he informed me that if I filed Chapter 13, there would be a way to remove the 2nd trust deed loan on my primary residence as well as unsecured debt.

Financial Freedom, the Servicer filed a wrongful foreclosure claiming my mom didn't live in the house - ignoring the occupancy certificates sent in, the representative they sent to our door who verified she lived there, our letters and those of our attorney stating she occupied the property as her primary residence at all times.

Your primary place of residence or destination is uninhabitable if: (i) the building structure itself is unstable and there is a risk of collapse in whole or in part; (ii) there is exterior or structural damage allowing elemental intrusion, such as rain, wind, hail, or flood; (iii) immediate safety hazards have yet to be cleared such as debris on roofs or downed electrical lines; or (iv) the property is without electricity or water.

Your primary place of residence is uninhabitable if: (i) the building structure itself is unstable and there is a risk of collapse in whole or in part; (ii) there is exterior or structural damage allowing elemental intrusion, such as rain, wind, hail, or flood; (iii) immediate safety hazards have yet to be cleared such as debris on roofs or downed electrical lines; or (iv) the rental property is without electricity or water.

As it stands, Ludmer says there is an effort to «micromanage» the assessment of parenting to decide who is the better parent before awarding primary residence.

There are no payments to be made with a reverse mortgage because the loan is not due while you still use the home as your primary residence.

The best part about this special type of loan is that there is no repayment required while the home is used as the borrowers primary residence.

I myself own a property in Racine which was my primary residence for a short time until I divorced my wife and moved to Chicago... I had it built (stupid, I know but it was what the lady wanted) and ultimately couldn't sell it when I moved as it is in a new subdivision and there are a lot of nicer, bigger, slightly older homes for sale in the area for less than what I owed on my loan, plus there are more than a few foreclosures / vacancies in this neighborhood.

For now you are doing well with the rules around selling your primary residence if you've lived there for 2 of the last 5 years as you said.

There's one exception: If the new owner intends to live in the property as a primary residence, tenants can be required to vacate the property before the end of the lease term with a minimum of 90 days» notice.

They just need to intend to use it as a primary residence and then live there for a certain period of time.

He could switch his «primary residence» to one of the units on the property and use it as an Air BNB, maybe even actually staying there sometimes.

A reverse mortgage can't be canceled or reduced, as long as you meet your loan obligations and live in the home as your primary residence - so it will be there when you need it.

There are special rules applicable to real property acquired initially as replacement property through a 1031 Exchange transaction and then subsequently converted to the Taxpayer's primary residence and sold pursuant to Section 121 of the Internal Revenue Code.

You are active - duty military You were separated from military service in a situation «other than dishonorable discharge» As a veteran or active military, you meet specific length - of - service requirements You are a reservist or a member of the National Guard You are a qualified surviving spouse of a deceased veteran In addition, there are these requirements: The home must be your primary residence You must have a valid certificate of eligibility from the VA

You can still tap into this as long as you have 2 years living there of the 5 years before sale and it's considered a primary residence.