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What money are you required to pay a person who no longer lives in the residence or has paid the mortgage for 5 yrs but is still listed on the deed of the home as co owner?
Tecwj
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∙ 12y ago
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When is escrow required on high-cost mortgage loans?
when you can no longer pay it
Where can I go to have reverse mortgage exaplained to me?
A reverse mortgage is a special type of home loan that lets you convert a portion of the equity in your home into cash. The equity that built up over years of home mortgage payments can be paid to you. But unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer use the home as their principal residence or fail to meet the obligations of the mortgage.
Do you have to pay on reverse mortgage loans?
You will not have to repay the loan for the entire time that you live in that home. You retain complete ownership of your home and after you're gone, your heirs can refinance the loan into a traditional mortgage, sell the home, or walk away from the home altogether. Simply put, a reverse mortgage lets you convert a portion of the equity in your home into cash. No repayment is required until you can no longer use the home as your principal residence.
Did gmac mortgage take over wmc mortgage?
GMAC mortgage is no longer in business
What are the key features of a HUD reverse mortgage?
There are a few key features to HUD (U.S. Department of Housing and Urban Development) reverse mortgage. It is a special type of home loan that differs by allowing borrowers to not have to repay the loan until they no longer use the home as their main residence.
What is the difference between mortgage and reverse mortgage?
In a regular mortgage the person is making payments o the mortgage holder in order to build equity in their home. In the case of a reverse mortgage, the bank is making payments to the person against the equity that is in the home. A reverse mortgage allows you to draw on the equity of your home with out having to sell it. Reverse mortgages were created by the U.S. Department of Housing and Urban Development and are federally insured private loans. A reverse mortgage loan is repaid only when you sell your home or no longer live there as your principle residence.
How long does someone have to no longer live in a home to no longer provide that home as their legal residence?
It could be as soon as they moved out, or as soon as they moved into another residence.
What is a pond motion?
A Pond motion is a motion made in a chapter 13 Bankruptcy case where the debtor:1. owns and lives (as his or her primary residence) in a residence which2. has a second mortgage AND3. the value of the house is less than the amount owed on the first mortgage as of the date the debtor files his or her bankruptcy petitionIf the motion (named after an actual case, In rePond, 252 F.3d 122) succeeds, it removes the second mortgage from "secured" status. This means that the amount owed to the second mortgage company gets treated like any other unsecured debt, like a credit card. Once the debtor obtains his or her discharge the remainder of the second mortgage debt is no longer owed.-Michelle Nobile, Esq.
Where can I learn more about reverse mortgage?
In a reverse mortgage, you receive money from the lender, and generally dont have to pay it back for as long as you live in your home. The loan is repaid when you die, sell your home, or when your home is no longer your primary residence. The proceeds of a reverse mortgage generally are tax-free, and many reverse mortgages have no income restrictions.
Can you refinance your 1st mortgage after discharge?
If your first mortgage has been discharged it cannot be refinanced since there is no longer any debt. You can grant a new mortgage.
Where can one find information on reversed mortgages?
One could find out information on a reverse mortgage in a variety of different ways. You can ask your financial advisor, you can ask a mortgage broker, or you can read blogs and reports on the subject.
What is Princess Diana's address?
Princess Diana doesn't have an address, she no longer lives at a residence. She is, however, buried at the Spencer's residence in Althorp.
