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reverse mortgage query

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writebooks Joined: 03 Sep 2010 Posts: 1 1.30 Dollars($)	Posted: Fri Sep 03, 2010 6:20 am    Post subject: reverse mortgage query Like 0 Dislike 0 Who pays taxes & insurance if the homeowner can't & house has fallen in value to below line of credit amount? Does the bank just pay and add the amounts to final debt on property?
smithsussane Joined: 18 Sep 2008 Posts: 10020 Location: Alaska 917.78 Dollars($)	Posted: Sat Sep 04, 2010 2:42 am    Post subject: Like 0 Dislike 0 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
Jimson Guest	Posted: Sat Sep 04, 2010 5:02 am    Post subject: Refinancing Like 0 Dislike 0 Thanks, Sussane. If I can't refinance with the current lender, do you know if refinancing from a separate source is allowable under the reverse mortgage agreement?
adonis Joined: 22 Oct 2005 Posts: 10242 Location: ALASKA 1042.50 Dollars($)	Posted: Mon Sep 06, 2010 1:06 am    Post subject: Like 0 Dislike 0 Welcome Jimson, If you meet the required criteria of the lender, then you can refinance the reverse mortgage with some other lender as well. _________________ Procrastination is the enemy of your financial success

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