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The object of a reverse mortgage arrangement is for the bank to sell the property for a profit when the mortgage becomes due. Banks do not sit on vacant properties for long.
Generally, if the mortgagor is moved to assisted living or a nursing home the mortgage becomes due. Any non-borrower living in the premises must move out. If a borrower fails to pay the property taxes, maintain insurance or fails to maintain the home, that will result in a default and the lender can foreclose.
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What else can I help you with?
What do you do if you inherit a reverse mortgage?
If you inherit property that is subject to a reverse mortgage you must make arrangements with the bank to pay off the mortgage if you want to keep the property. If not then the bank will take possession of the property under the terms of the reverse mortgage.If you inherit property that is subject to a reverse mortgage you must make arrangements with the bank to pay off the mortgage if you want to keep the property. If not then the bank will take possession of the property under the terms of the reverse mortgage.If you inherit property that is subject to a reverse mortgage you must make arrangements with the bank to pay off the mortgage if you want to keep the property. If not then the bank will take possession of the property under the terms of the reverse mortgage.If you inherit property that is subject to a reverse mortgage you must make arrangements with the bank to pay off the mortgage if you want to keep the property. If not then the bank will take possession of the property under the terms of the reverse mortgage.
Where can one get reverse mortgage quotes?
There are many places where one can get reverse mortgage quotes. One can get reverse mortgage quotes at popular on the web sources such as ARRP and Bank Rate.
Can you get a mortgage to buy a vacant lot?
I just bought a vacant lot with money I borrowed (a personal loan) from my credit union. The bank and mortgage company I checked with said they no longer do land loans.
Where can one find reverse mortgage rules?
Reverse mortgage rules can be found at your local bank and at Consumer Information, Home Guides, Investopedia, Reverse Mortgage Daily and Market Watch.
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.
What do you do if you inherit a reverse mortgage?
If you inherit property that is subject to a reverse mortgage you must make arrangements with the bank to pay off the mortgage if you want to keep the property. If not then the bank will take possession of the property under the terms of the reverse mortgage.If you inherit property that is subject to a reverse mortgage you must make arrangements with the bank to pay off the mortgage if you want to keep the property. If not then the bank will take possession of the property under the terms of the reverse mortgage.If you inherit property that is subject to a reverse mortgage you must make arrangements with the bank to pay off the mortgage if you want to keep the property. If not then the bank will take possession of the property under the terms of the reverse mortgage.If you inherit property that is subject to a reverse mortgage you must make arrangements with the bank to pay off the mortgage if you want to keep the property. If not then the bank will take possession of the property under the terms of the reverse mortgage.
We own the 2 acres that our home is located on so how does this affect a reverse mortgage?
If you granted a reverse mortgage to a bank the 2 acres would be included in the grant.If you granted a reverse mortgage to a bank the 2 acres would be included in the grant.If you granted a reverse mortgage to a bank the 2 acres would be included in the grant.If you granted a reverse mortgage to a bank the 2 acres would be included in the grant.
Where can one get reverse mortgage quotes?
There are many places where one can get reverse mortgage quotes. One can get reverse mortgage quotes at popular on the web sources such as ARRP and Bank Rate.
Can you get a mortgage to buy a vacant lot?
I just bought a vacant lot with money I borrowed (a personal loan) from my credit union. The bank and mortgage company I checked with said they no longer do land loans.
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.
Where can I learn more about reverse mortgage fees?
Reverse Mortage Fees (RMF) are basically mortgage fees, backwards! Instead of the bank paying you money, you have to pay the bank money for mortgage. This can be good and bad.
Where can one find reverse mortgage rules?
Reverse mortgage rules can be found at your local bank and at Consumer Information, Home Guides, Investopedia, Reverse Mortgage Daily and Market Watch.
Where can I get reverse financing mortgage information?
You can get information on reverse mortgage financing from your local mortgage lender or bank. You can also find many places on the internet such as http://www.reversemortgage.org.
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.
Please tell me what a reverse mortgage is and who is eligible for them?
A reverse mortgage is a special type of home loan that allows homeowners to turn equity into cash. You can get one from your local bank or online via mortgage lenders.
What company could you use to refinance your house from reverse mortgage?
Sorry we do not understand what you are asking. A bank lends money to finance your purchase of a house - the loan made is secured on the house and is called a mortgage. While the mortgage is not paid off the bank actually own the house and you can not raise more money secured against it without the bank's permission. There is no such thing as a "reverse mortgage".
Is getting a reverse mortgage a good idea?
A reverse mortgage is for older individuals to borrow against their homes. This allows them to not have to sell there home and the bank to make monthly payments to the owner.
