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Oklahoma City Oklahoma

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Last updated on 7th Sep 2013

Tags: oklahoma city reverse mortgage rates mort

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Oklahoma City Oklahoma

At one point or another, you or your heirs will be responsible for paying back the loan with interest.  However, with most loan types, you are not required to begin making payments until you either sell the home or vacate the property.  If you must leave the property to enroll in a nursing home or assisted living facility, you will have one year to return to the property and continue the loan.  If you do not return to the property after that time has passed, you will be responsible for paying back the loan.  If you pass away, the responsibility falls to your heirs.  However, no one will ever be required to pay more for the loan than the total appraised value of the home or, in cases of sale, more than the home’s selling price.

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7th September 2013 @ 05:00

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