the amount of money you have borrowed from the bank which you must pay back over 25+ years.
There is no antonym of mortgage. The opposite of owning a property that is encumbered by a mortgage is owning a property that is free of any debt.
Sexytime with banker.
You still own the house if you have a reverse mortgage, yes.
The home mortgage rates in Chicago vary from area to area and are dependent upon the type of home you are thinking of owning or already own. You can contact a mortgage representative to learn more about home mortgage rates in your specific area.
In general if you can afford to pay (and continue to play) the rent on a house to live in then if you can get a mortgage on a house where you are paying no more than the rent, then this is profitable (because you end up owning the house yourself). However if are purchasing a house you are responsible for all the repairs to it and you must be aware that the price you agree to buy the house for may go down (it may lose its value) as well as up (it could gain value) and you have little control over this. You also need to be sure you can keep paying the mortgage payments or you will lose your house and your investment.
There is no antonym of mortgage. The opposite of owning a property that is encumbered by a mortgage is owning a property that is free of any debt.
A normal mortgage is borrowing money to buy a house. A construction mortgage is when you own a house and borrow money against the house for repairs or renovations.
The Answer lies in who truly owns it - you or your bank/mortgage company.
Sexytime with banker.
You still own the house if you have a reverse mortgage, yes.
The mortgage should be paid by the remaining estate. If there is not enough cash left to pay off the mortgage, the house can be sold and the mortgage paid at closing, or if the mortgage is assumable, the son may take on the mortgage as his own debt and keep the house.
In general if you can afford to pay (and continue to play) the rent on a house to live in then if you can get a mortgage on a house where you are paying no more than the rent, then this is profitable (because you end up owning the house yourself). However if are purchasing a house you are responsible for all the repairs to it and you must be aware that the price you agree to buy the house for may go down (it may lose its value) as well as up (it could gain value) and you have little control over this. You also need to be sure you can keep paying the mortgage payments or you will lose your house and your investment.
The home mortgage rates in Chicago vary from area to area and are dependent upon the type of home you are thinking of owning or already own. You can contact a mortgage representative to learn more about home mortgage rates in your specific area.
A good way to get a cheap home mortgage is by buying a home that is small. The larger the house, the more the mortgage will cost. The mortgage depends on the size of the house.
Unless you were a co-signer or legally part of the purchase process on either the house or the mortgage, you have no legal responsibility to pay back the mortgage in part or in full. If the house with the mortgage was willed to you, I would consult your family lawyer for help.
no
Yes, you should pay off you house mortgage because otherwise, you do not truly own your house.