Loan Terms and Conditions|
With a reverse mortgage, a lender can call in your loan under certain conditions. But, if you occupy the property as your primary residence, are not absent from the property for 12 consecutive months.
You may instruct the lender to pay the taxes and insurance on your behalf from your reverse mortgage funds. The lender will set aside funds from your reverse mortgage to pay for future taxes and insurance, as long as funds are available.
Furthermore, as long as you comply with the terms noted above, you can't be forced to sell your home to pay off the reverse mortgage, even if the loan balance grows to exceed the value of your property.
[ Back To Real Estate Glossary ]
All Rights Reserved Edward Black
TeamBlackBerry LLC t/a
TeamBlackBerry & Associates SM
REAL ESTATE TEAMS,LLC
50 Citizens Way Frederick, Maryland 21701
Lake Linganore, Maryland
Ed Black, Specializing in Frederick County MD real estate! - Frederick MD Realtors - Frederick MD Homes - HUD Home Sales - www.edsellsmaryland.com - www.lakelinganorehomesales.com - www.teamblackberry.com
Real Estate Websites by iHOUSEweb, Inc. ®