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What happens if the borrower(s) outlive the loan? Will they have to repay the lender?

October 27, 2015 2:27 pm Published by megancummings Comments Off on What happens if the borrower(s) outlive the loan? Will they have to repay the lender?

Not until the last borrower stops using the property as their primary residence. As long as at least one borrower lives in the home and keeps up to date on property taxes, insurance and maintenance, the loan will not have to be repaid.

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  • Lineage Lending dba of CF Capital – CA Dept. of Real Estate – Real Estate Broker, CF Capital, DRE #01526997, NMLS #1158884, Timothy Snyder — DRE# 01387596, NMLS # 314853. NMLS Consumer Access

    This information is not intended to be a substitute for legal, tax or financial advice. Consult with a qualified attorney, accountant or financial advisor for additional legal or tax advice. These materials are not from HUD or FHA and were not approved by HUD or a government agency.

     

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