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A reverse mortgage loan becomes immediately due if certain things happen, such as the death of the homeowner, the homeowner vacates the house for six months or more for a non-medial reason and 12 months or more for a medical reason. It becomes due if the home is no longer the principal residence of the reverse mortgage borrower.
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Get Approved for a Mortgage without Tax Returns Mortgage Masters Group Master Mortgage Requirements. When the balance is paid and the property is resold, a new master mortgage is created to replace the old one.The master mortgage is consulted each time a property is sold to ensure that all related debts have been paid. The master mortgage includes documents related to the mortgage originator’s file,
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Reverse mortgages can be an excellent tool to improve your quality of life during retirement. However, it’s important to have a realistic long-term financial plan in place. If you are considering a reverse mortgage, speak with an experienced mortgage professional about options that best meet your needs.
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