Reverse Mortgages

Essay specific features

 

Issue:

Business

 

Written by:

Mary D

 

Date added:

October 17, 2014

 

Level:

University

 

Grade:

A

 

No of pages / words:

3 / 587

 

Was viewed:

4135 times

 

Rating of current essay:

 
Essay content:

Thus, the reverse mortgage program enables seniors that may be "real estate rich and cash poor" to unlock the financial potential in their homes, and let their homes work for the reverse mortgage does not become payable until the senior homeowner no longer occupies the property as his primary residence...
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At that time, the outstanding principle and the accrued interest become due. Typically, the loan is paid off with the proceeds of the sale of the home from the borrower's estate. However, the borrower's estate/family may decide to refinance the loan and retain the property. Any proceeds in excess of the amount owed to the lender belong to the borrower or the borrower's estate...
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