Massachusetts Discount Mortgage - Consumer Direct


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What Happens With Your House?

Many consumers do not necessarily know that their house does not have to be taken by the lender after they pass away.  With reverse mortgages, the homeowner truly has the power to decide the future of their residence.

When you sell your home or no longer use it for your primary residence, you or your estate will repay the cash you received from the reverse mortgage, plus interest and other fees, to the lender. The remaining equity in your home, if any, belongs to you or to your heirs. None of your other assets will be affected by HUD’s reverse mortgage loan. This debt will never be passed along to the estate or heirs.

 

This entry was posted on Saturday, September 27th, 2008 at 1:04 pm and is filed under Uncategorized. Responses are currently closed, but you can trackback from your own site.

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