Reverse Mortgage
A new lawsuit is challenging a reversal of regulation by the U.S.
Department of Housing and Urban Development, insures more than 90
percent of reverse mortgages. Prior to December 2008, HUD rules stated
that a borrower or heir would never owe more than the home was worth at
the time of repayment,Now, HUD policy that requires heirs to pay the full mortgage balance
on a property in order to keep the home unless they are on the deed.
Considering that at least 20,000 borrowers have fallen behind on paying
property taxes and insurance, HUD stands to lose about $1.4 billion if
those delinquent loans are foreclosed.The housing administration
insures
A reverse mortgage loan generally does not have to be repaid until the last surviving homeowner permanently moves out of the property or passes away. Once that happens, the estate has approximately six months to repay the balance of the reverse mortgage or sell the home to pay off the balance. All remaining equity is then inherited by the estate. The estate is not personally liable if the home sells for less than the balance of the reverse mortgage.
A reverse mortgage loan generally does not have to be repaid until the last surviving homeowner permanently moves out of the property or passes away. Once that happens, the estate has approximately six months to repay the balance of the reverse mortgage or sell the home to pay off the balance. All remaining equity is then inherited by the estate. The estate is not personally liable if the home sells for less than the balance of the reverse mortgage.
Reverse Mortgage
Reverse Mortgage
Reverse Mortgage
Reverse Mortgage
Reverse Mortgage
Reverse Mortgage
Reverse Mortgage
Reverse Mortgage
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