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some clarification would be helpful on what you are asking, however a reverse mortgage is never due as long as you live in the home.
Once the borrower passes away the heirs will have 6 months to refinance or sell the home. if this time passes and the home is not sold or refinanced then an extension would be granted on a case by case bases from the lender. The best way to apply for this extension would be to contact the lender and ask for it. While they are not obligated to give the extension they will often work with the heirs as they are not interested in forcing a foreclosure if they can avoid it.
What else can I help you with?
How old do I have to be if I want to do a reverse mortgage on my home?
There are no age requirements when considering a reverse mortgage. If you own a home and have equity you can apply. Make sure to research before doing so.
Where can I apply for an AARP reverse mortgage?
Many of your large nation banks will offer a AARP reverse mortgage. You may be able to go through a mortgage broker as well who can help you navigate the application process and offer competitive rates.
Do you still have to pay monthly mortgage if you have a reverse mortgage?
No, the purpose of a reverse mortgage mortgage is to eliminate mortgage payments permanently.
How does one apply for a Bank of America reverse mortgage?
If one wants to apply to the Bank of America for a reverse mortgage one should visit a Bank of America store and speak to a customer representative. The forms can be completed in store, with a representative, once one's eligibility has been confirmed.
What is a reverse mortgage lead?
A reverse mortgage lead is where you can get names of people that are interested in getting a reverse mortgage. These leads should already have been screened to meet the criteria for a reverse mortgage.
What is a HUD reverse mortgage?
A HUD reverse mortgage is a low-interest federally regulated loan that allows senior homeowners to convert a portion of the value in their home into tax-free cash. You can apply for one through an insurance company.
What are the reverse mortgage scams taking place today?
Yes, there are reverse mortgage scams, as well as regular mortgage scams. You need to be careful who does your reverse mortgage, so you do not get scammed
What kind of home is approved to be an FHA home?
In regards the the Reverse Mortgage, or Senior Reverse Mortgage, all you need to qualify is for the house to be appraised by a HUD / FHA approved appraiser. You are then eligible to receive a reverse mortgage, so long as you have enough equity in the home, and you are age 62 pr older. In many states, the Reverse Mortgage or HECM (Home Equity Conversion Mortgage) allows for a new home purchase with the use of reverse mortgage funds, this rule does not apply nationwide. Although HUD and the FHA recently passed the HECM Reverse Mortgage home purchase program, allowing you to purchase a new home with reverse mortgage proceeds, borrowers in Texas are not yet eligible. Rules in individual states may vary. Please see a specialist in your own state for more details.
Reverse Mortgage Calculator?
Reverse Mortgage Calculator Use this calculator to help determine the balance of a reverse mortgage. This calculator is specifically designed to show you how the outstanding balance of a reverse mortgage can rapidly grow over a period of time.
Where can you find a reverse mortgage calculator?
Reverse mortgage calculators can be found on line on most mortgage websites.There are hundreds of mortgage loan sites.& This calculator makes it easier to understand the reverse mortgage math and to let you see if this type of mortgage is best for you.
What is American reverse mortgage?
American reverse mortgage is when you borrow money based on the value of your house. A reverse mortgage has the option of being a lump sum or installments.
Where can I learn about liberty reverse mortgage?
You can learn about liberty reverse mortgage from any local tax consultant or by finding it on a website which deals specifically with liberty reverse mortgage.
