Loan proceeds available to the borrower are based on three main factor; age of youngest borrower, appraised value versus FHA national lending limit (lesser amt) and interest rate. Loan is repaid if home is sold, permanent move out, last borrower on title passes away and repayment never exceeds appraised value of the home at the time of repayment. Amount repaid is principal, accured interest and any financed costs. Read more
Archive for Mortgage Reverse
15
Oct 2011
Why Not Choosing One of Reverse Mortgage
One of the commitments that you make with a reverse mortgage is that you will maintain the home. Will you now have the extra funds to do this? What would happen if there were some type of catastrophic such as earthquake, tornado or flooding? If this a major concern for you, renting could be a better for you. Read more
bill |
No comments
| Tags: assets, catastrophic, citizens, commitments, earthquake, funds, home, Income, proceeding, programs
06
Jul 2011
What is a Reverse Mortgage
What is a reverse mortgage. A reverse mortgage allows senior to borrower money against the equity in their house. Instead of making payment you have the options of receiving them. In most cases, the income is tax deductable (consult your tax adviser). Mortgage calculator. Read more