Posted on: 03rd Sep, 2010 06:20 am
Who pays taxes & insurance if the homeowner can't & house has fallen in value to below line of credit amount? Does the bank just pay and add the amounts to final debt on property?
Hi!
Welcome to forums!
You will be liable for the insurance and property tax payments. Apart from this, you will be liable for paying the maintenance of the property. If you're unable to do it, then the lender will not pay for you. Rather there are chances that the lender can foreclose the property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You will be liable for the insurance and property tax payments. Apart from this, you will be liable for paying the maintenance of the property. If you're unable to do it, then the lender will not pay for you. Rather there are chances that the lender can foreclose the property.
Feel free to ask if you've further queries.
Sussane
Welcome Jimson,
If you meet the required criteria of the lender, then you can refinance the reverse mortgage with some other lender as well.
If you meet the required criteria of the lender, then you can refinance the reverse mortgage with some other lender as well.