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The amount you receive will likewise be affected if the house has any other home mortgages or liens. If there's a balance from a house equity loan or house equity credit line (HELOC), for instance, or tax liens or judgments, those will have to be paid with the reverse home mortgage proceeds first." No matter the type of reverse home mortgage, you should not expect to get the amount of your house," Boies says.
Doing this, nevertheless, reduces the amount of funds available to you through the loan. Here's a breakdown of HECM costs and charges, according to HUD: There is a 2 percent preliminary MIP at closing, along with a yearly MIP equivalent to 0. 5 percent of the impressive loan balance. https://pbase.com/topics/guochy6n0g/fncqhck754 |
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