What About Repaying A Reverse Mortgage?
A reverse mortgage comes due when under the following conditions:
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Death of the homeowner
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Upon sale of the home by the homeowner
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If the homeowner lives elsewhere for 12 consecutive months (i.e. assisted living home)
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Upon one of the instances of default listed below.
When the reverse mortgage becomes due there are two options for paying it off.
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Proceeds from the sale of the home
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The heirs of the homeowner can refinance the loan
Like all loans a reverse mortgage does carry conditions in order to remain valid. Below is a list of reasons for which a borrower would find themselves in default.
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Failure to pay property taxes
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Failure to keep the home in good repair
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Failure to insure the home
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Taking of new debt on the home
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Bankruptcy
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Abandonment or donation of the home
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Eminent domain
Apply NOW to get started with your reverse application.