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Equity

Equity The amount the property is currently worth, minus the amount owed on any existing mortgages on the property.

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Eligible non-borrowing spouse

Eligible non-borrowing spouse A borrower’s spouse who is not a co-borrower, but qualifies under HUD’s rules to stay in the home after the borrower moves […]

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Default

Default The failure to meet the loan requirements included in the reverse mortgage. For example, the requirements of a Home Equity Conversion Mortgage (HECM) loan […]

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Deed-in-lieu of foreclosure

Deed-in-lieu of foreclosure An arrangement where the borrower voluntarily turns over ownership of the home to the lender to avoid the foreclosure process.

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Co-borrower

Co-borrower A person, usually the borrower’s spouse or partner, who also signs the reverse mortgage loan note and who is equally responsible for fulfilling all […]

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Appraisal

Appraisal A written document that shows an opinion of how much a property is worth. It describes what makes the property valuable and may show […]

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My lender or broker never provided me with the notice of a right to rescind...

My lender or broker never provided me with the notice of a right to rescind for a mortgage loan. What can I do? If you […]

334 total views, 0 today

 

What should I do if I have a reverse mortgage loan and I can’t pay my prope...

What should I do if I have a reverse mortgage loan and I can’t pay my property taxes or homeowners insurance? If you can’t pay […]

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What should I do if I have a reverse mortgage loan and I received a notice ...

What should I do if I have a reverse mortgage loan and I received a notice of default or foreclosure? Act quickly. If you delay […]

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My lender or broker never provided me with the notice of a right to rescind...

My lender or broker never provided me with the notice of a right to rescind for a mortgage loan. What can I do? If you […]

333 total views, 0 today

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