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The amount you get will likewise be impacted if the home has any other mortgages or liens. If there's a balance from a home equity loan or home equity credit line (HELOC), for instance, or tax liens or judgments, those will need to be paid with the reverse mortgage profits initially." No matter the kind of reverse home mortgage, you shouldn't expect to receive the full value of your house," Boies says.
Doing this, however, lowers the amount of funds offered to you through the loan. Here's a breakdown of HECM fees and charges, according to HUD: There is a 2 percent initial MIP at closing, as well as a yearly MIP equal to 0. 5 percent of the outstanding loan balance. https://diigo.com/0lcmic |
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