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Old Town Real Estate, LLC
538 Bedford Street
P.O. Box 188
Abington, MA 02351
(781) 878-5701 Office
(781) 871-9598 Fax

 
 
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Real Estate Glossary



  Loan Terms and Conditions

With a reverse mortgage, a lender can call in your loan under certain conditions. But, if you occupy the property as your primary residence, are not absent from the property for 12 consecutive months.

You may instruct the lender to pay the taxes and insurance on your behalf from your reverse mortgage funds. The lender will set aside funds from your reverse mortgage to pay for future taxes and insurance, as long as funds are available.

Furthermore, as long as you comply with the terms noted above, you can't be forced to sell your home to pay off the reverse mortgage, even if the loan balance grows to exceed the value of your property.

 

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Old Town Real Estate,LLC
538 Bedford Street
P.O. Box 188
Abington, MA 02351
(781) 878-5701 Office
(781) 871-9598 Fax

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