Reverse Mortgage
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Reverse Mortgage

This forum promotes education about the FHA Guaranteed Home Equity Conversion Mortgage (HECM) and other proprietary reverse mortgage products.


UPKEEP AND REPAIRS

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Reverse Mortgage :: Reverse Mortgage Basic Information :: Proprietary Reverse Mortgage Products

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Post  Lizzy B Fri Feb 08, 2008 12:40 pm

Just wanted you all to know that when you take out a reverse mortgage loan that you will be responsible for all repairs on your home.

Lizzy B

Posts : 23
Join date : 2008-02-05

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Post  Cherry Pearl Fri Feb 08, 2008 1:17 pm

You are required to keep the home in good repair while you are living in the house. This is required because the lender wants to be certain that the property holds it market value.

Cherry Pearl

Posts : 20
Join date : 2008-01-29

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Post  Sun Shine Fri Feb 08, 2008 1:53 pm

I'm sure if the house is not in good shape you will not be able to get the loan in the first place.

Sun Shine

Posts : 20
Join date : 2008-02-05

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Reverse Mortgage :: Reverse Mortgage Basic Information :: Proprietary Reverse Mortgage Products

 
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