Home Equity Mortgage CorporationHome-equity mortgage company
Lifelong inverse mortgage. This is an FHA-insured reversal mortgage that allows individuals to lend cash against equity in their home without usually requiring repayments until they die; the cash can be included in a fixed amount or in payment over a period of years. - Mortgagor and all other present homeowners must be 62 years of age or older and must reside in the home as their primary place of residency.
- The house must be a single-family house in a one- to four-storey block, a condominium or part of a proposed PUD. - The house must be at least 1 year old and comply with HUD minimal requirements with the exception that the HECM can be used for necessary repair.
- Full repayment is due (1) if the last remaining survivor of the loan passes away, (2) if the house is resold, (3) if the debtor moves elsewhere on a permanent basis or does not reside in the house for 12 month, or (4) if the mortgage conditions are not met, such as non-payment of real estate tax or insurance of the ownership or deterioration below the HUDM.
An FHA-managed reverse mortgage programme. Please see the section entitled Siehe Reversse Mortgage/FHA's Home Equity Conversion Mortgage (HECM). Mortgages Encyclopedia.
and Soignier - Financial Instruments
Shall I fund my mortgage? We provide you with these interacting finance calculators and other utilities to help you with some of the everyday issues and issues that may arise. These financing instruments are not a replacement for advising by a skilled expert, but can serve as a basis for your decision-making.
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