The reverse mortgage is a loan and like any other loan, the borrower still owns the property. You can sell your home any time you wish. The loan has two Deeds of Trust and two Notes so that if HUD needs to advance funds, they will be covered as well and the amount that is recorded is for 150% of...
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The reverse mortgage is intended to be the last loan you will ever need. If, even after the reverse mortgage closes, you are not comfortable and able to meet your monthly obligations or if your home no longer meets your needs, then you should consider selling your home and moving to a new home while your equity is high instead...
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The reverse mortgage is due and payable if the borrowers are no longer living in the property as their primary residence (as would be the case if they move) or if they sell the home. However, the borrowers can choose to pay the loan off at any time they wish without penalty. This could be true if they wanted to...
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The reverse mortgage is a loan and like any other loan, the borrower still owns the property. The reverse mortgage just places a lien or loan against the property to secure the lender’s interest until the loan is repaid which can be done at any time the borrower chooses with no prepayment penalty or when the property is sold.
If your intent is to leave your home as the largest possible asset to heirs, you will be using your equity and therefore it will be lower when the home is sold. You must continue to live in the property as your primary residence so if your plans are to rent your home at some point, a reverse mortgage will...
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