| then act as a landlord. The homebuyer, in addition to paying rent, will pay 1st mortgage home loan contribution towards the purchase of the property. When the last payment is made, the property changes hands. An alternative scheme involves the bank reselling the property according to an installment plan, at a price higher than the original price. reverse mortgage (known as equity withdrawal in the United Kingdom) is 1st mortgage home loan type of loan available to older people, used as a way of converting their home equity (the value of their home, minus the amount of mortgage(s)) into a cash payment (or series of payments) while retaining ownership of the property. To qualify for a reverse mortgage in the United States, the borrower must be at least 62 and be able to pay it off an existing mortgage 1st mortgage home loan the proceeds from the reverse mortgage and if needed, additional personal funds. The amount any individual homeowner is eligible for depends on their age 1st mortgage home loan the Federal Housing Administration (FHA) appraised value of the home. The location of the home may also have an impact. Reverse mortgages allow the home owner to continue living in the home, and 1st mortgage home loan repayment of the loan to be deferred until the borrower is no longer living in the home. In the United States, the proceeds of the loan are tax-free, there are no minimum income requirements, and for most 1st mortgage home loan mortgages, the money can be used for any purpose. The Federal Housing Administration was begun as part of the New Deal in 1934. It guaranteed private home mortgages (FHA loans) and provided funds to promote housing construction, especially for poorer people. Income and credit ratings are not considered by lenders when granting reverse mortgages, notwithstanding a bankruptcy that has not been resolved. The majority of reverse mortgages are FHA insured. In a reverse mortgage 1st mortgage home loan the U.S., a borrower can be paid in a lump sum, in monthly advances (payments), through 1st mortgage home loan growing line of credit, or a combination of all three. The loan advances are not taxable and do not affect Social Security or Medicare benefits, although Medicaid and SSI benefits may be impacted. The cost of a reverse mortgage exceeds the |
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