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What is a reverse mortgage for?
A reverse mortgage is for helping older people who might need money. A reverse mortgage is a type of loan for people over the age of 62 who are home owners and they can use this loan to pay for unexpected expenses.
What is a ct reverse mortgage?
Ct reverse mortgage isn't a type of mortgage it is a reverse mortgage that takes place in the state of Connecticut. A reverse mortgage is a loan for senior homeowners that uses a portion of the homes equity as collateral. The loan generally does not have to be repaid until the last surviving homeowner permanently moves out of the property or passes away.
I am wondering what is the definition of a reverse mortgage?
The definition of reverse mortgage is when the bank takes out a loan based on your property. This is used for extending your mortgage beyond what it is now.
Will having a reverse mortgage on primary residence stop you from getting another conventional loan for secondary home?
No. The reverse mortgage affects only the property used as collateral for that loan.
What is the difference between a reverse mortgage and a regular home equity loan?
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.
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.
Who pays back a reverse mortgage loan?
At "payback time" (the death of the last surviving beneficiary of the reverse mortgage) the house belongs to the bank.
How can you learn about quicken loan mortgage online?
Quicken loan have their own website which has a section on mortgage rates and includes a mortgage calculator. It also has a separate section on reverse mortgages.
What does countrywide reverse mortgage cause?
Reverse Mortgage A reverse mortgage is a loan that allows homeowners age 62 and older to access a portion of the available equity in their homes without having to sell the home, give up title, or make monthly reverse mortgage payments.
If your husband has a reverse mortgage and you are not 62 what happens to you with the house if he dies?
The answer is when he dies the reverse mortgage company will settle up the loan, so you will have to either sell the house or refinance with a new mortgage.
Are there any penalties or additional fees to refinance a reverse mortgage loan?
Yes, there are fees to refinance a reverse mortgage. There are always fees or interest rates when getting any type of loan including refinancing your home.
What happens if you move and have a reverse mortgage?
Just pay off the reverse mortgage just as any other loan. If there is negative equity you can leave the home to the lender who will take the loss. A reverse mortgage is a non recourse loan, meaning the lender does not have personal recourse against the borrowers if there is negative equity in the home.
