None, technically. They are a co-signed, which means if you don't pay your bill... they have to. Then they're entitled to your home if they paid more than 51% of the total balance owing.
A legal mortgage is a security interest granted to the lender by the owner of property as a condition of the loan. A note details the specifics of the money being loaned to the borrower. The mortgage refers to a security interest which the borrower grants the lender. The lender takes the security interest so that if the borrower defaults on the loan, the lender can seize the underlying asset (the real property, or home).
You and your husband are the legal owners of the property but it is subject to the mortgage. If you default on the mortgage payments the bank can take possession of the property by foreclosure.
The borrower on the home remains the homeowner, the reverse mortgage lender will have a lien against the property, just like other mortgages. Your home ownership rights remain the same as before with one exception, that you cannot rent out the home and must keep it as your primary residence. if you move you need to sell the home or refinance it to a forward conventional mortgage or you could be in default of the mortgage agreement.
To qualify for a reverse mortgage, the borrower must be at least 62 years old, own their home in full (or be able to pay the balance on their home with the proceeds of the reverse mortgage), and live in that home as their primary residence.
It will have no affect on the mortgage as long as the lending terms are met by the primary borrower.
No. A home equity is a mortgage and the lender owns the mortgage. The borrower cannot make any changes in the terms. Whoever signed the mortgage is responsible for paying the loan. If the loan isn't paid the lender will take possession of the property by foreclosure.No. A home equity is a mortgage and the lender owns the mortgage. The borrower cannot make any changes in the terms. Whoever signed the mortgage is responsible for paying the loan. If the loan isn't paid the lender will take possession of the property by foreclosure.No. A home equity is a mortgage and the lender owns the mortgage. The borrower cannot make any changes in the terms. Whoever signed the mortgage is responsible for paying the loan. If the loan isn't paid the lender will take possession of the property by foreclosure.No. A home equity is a mortgage and the lender owns the mortgage. The borrower cannot make any changes in the terms. Whoever signed the mortgage is responsible for paying the loan. If the loan isn't paid the lender will take possession of the property by foreclosure.
A reverse mortgage is a home loan taken out by a senior home owner that requires no loan payments for as long as the borrower remains living in the house.
Several factors affect the home mortgage refinancing rate. The amount of money the bank has to loan out is one such factor. Another factor is the borrower's credit rating.
The borrower can sell the house up until the auction is completed. If it does not sell for the amount owed, the borrower may be able to get the mortgage holder to accept a short sale. Watch out for scams in this area.
Amortization is a big word for a basic concept. Amortization is the process that involves a mortgage lender and borrower. Basically, the lender divides up the amount the borrower owns into a series of equal payments (amortization).
A reverse mortgage is a financial product available to senior citizens that allows them to borrow against the equity in their homes. Unlike a traditional mortgage, with a reverse mortgage, borrowers do not have to make monthly mortgage payments. Instead, loan proceeds are typically distributed to the borrower in the form of a lump sum, monthly payments, or a line of credit. The loan is repaid when the borrower sells the home, moves out of the home, or passes away.
To get a reverse mortgage, ALL of the following must be true: * The borrower is 62 years old or older * The borrower owns their home outright - No mortgages associated with the property - No home equity loans associated with the property - No home equity lines of credit associated with the property * There are no liens associated with the property All reverse mortgages are government approved as they are defined as a government mortgage product.