WHEN DOES THE INTEREST BECOME DUE

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WHEN DOES THE INTEREST BECOME DUE

Post  Lizzy B on Thu Feb 07, 2008 12:21 pm

When does the interest come due on a Reverse Loan?

Lizzy B

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Join date : 2008-02-05

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Re: WHEN DOES THE INTEREST BECOME DUE

Post  Walter Cabe on Fri Feb 08, 2008 4:03 pm

Your HECM Reverse Mortgage must be repaid, in-full including the interest, when the last surviving borrower dies. Upon death, your heir(s) will inherit your home and they must choose how they will repay your debt. Typically the heir(s) will sell your home, pay off the debt and divide the remaining amount, according to the terms of your will or Living Trust. If your heir(s) choose to keep your home, they must pay-off the debt with their own funds, loan, refinance or obtain their own H.E.C.M. Reverse Mortgage; depending on what they qualify for and desire. As long as your heir(s) are marketing the property in good faith, they are typically allowed three-month periods, up to one-year before repayment is required.

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