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If the borrower’s heirs want to keep the home, they can simply take out a new mortgage on the house to pay off the balance of the reverse mortgage. This is much like refinancing the loan as the ...
Key takeaways If you’re a homeowner aged 62 or older, a reverse mortgage can help you obtain tax-free income, allowing you to stay in your home, pay bills, supplement your income and more.
How to qualify for a reverse mortgage. To qualify for a reverse mortgage, you must meet the following requirements: Age 62 or older. Outright ownership of your home or a low-balance mortgage
However, with an FHA-insured HECM reverse mortgage obtained in the United States or any reverse mortgage obtained in Canada, the borrower can never owe more than the value of the property and cannot pass on any debt from the reverse mortgage to any heirs. The sole remedy the lender has is the collateral, not assets in the estate, if applicable.
This is because heirs have significant leverage in dealing with a mortgage in an estate situation, thanks to the Garn-St. Germain Depository Institutions Act of 1982 (Garn-St. Germain Act).
On Wednesday, Wells Fargo reached an agreement with the Federal Reserve and agreed to pay a $85 million fine to settle civil charges-- the largest fine the Fed has ever imposed in a consumer case ...
There's a lot of misinformation about reverse mortgages -- and Tom Selleck can only answer so many questions in 30-second TV spots for AAG. Reverse mortgages can be a lifeline to seniors who are...
The most common type of reverse mortgage is a Home Equity Conversion Mortgage (HECM), for borrowers ages 62 and older. Some reverse mortgage lenders offer other options for borrowers ages 55 and ...
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