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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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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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 […]
1479 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 […]
1471 total views, 2 today
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 […]
1596 total views, 1 today
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 […]
1478 total views, 0 today