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 leeelliot61
Joined: 13 Sep 2009
Posts: 188
-0.07 Dollars($)
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 Posted: Wed Sep 23, 2009 7:57 pm Post subject: what is the grace period to back out from reverse mortgage? |
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| what is the grace period to back out from reverse mortgage? |
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marklavender1
Joined: 13 Sep 2009
Posts: 120
-0.14 Dollars($)
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| Posted: Wed Sep 23, 2009 9:26 pm Post subject: |
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hi,
grace period is an amount of time after a payment due date when no interest is charged. You will frequently see grace periods of 20 to 30 days offered by certain credit card issuers. Credit card grace periods only apply if a cardholders previous month's balance was paid in full. |
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Niicss
Joined: 03 Oct 2005
Posts: 3255
Location: New Jersey
513.90 Dollars($)
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| Posted: Thu Sep 24, 2009 2:20 am Post subject: |
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Every borrower has a right to recession. Under the Truth in Lending Act, every borrower has the rigt to cancel the deal at no cost to themselves within 3 days of closing. This is applicable also in case of reverse mortgages. Thus, you would be getting 3 days time to back out from the reverse mortgage.
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Good is the Enemy of Great. |
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