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23 Cards in this Set
- Front
- Back
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second lein
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voluntary
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second lein aka
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junior mortgage ir subordinate lein
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voluntary lein
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secured by owner consent (ex:mortgage)
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mechanics lien
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legal claim in property over unpaid building supplies
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priority of leins
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real estate and incomes taxes, first mortgage, second mortgage, any mechanic leins
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home equity line of credit a.k.a.
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heloc
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heloc
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allows withdrawals as borrower pays off. first or second Latin, and open end
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open end loans
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allows for multiple withdrawls during draw period
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hel (home equity loan)
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close end/lump sum and set term/first or second lein
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close end loans
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one time accesses to fund s (ex: 30 year fixed)
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construction loan
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loan for conducting buildings or residential homes
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how long are construction loans, usually?
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one year
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what are interest rates like for construction loans?
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usually higher
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reverse mortgage
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allows home owner to convert equity to cash
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what can reverse mortgage party for?
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home improvements
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age requirement for reverse mortgage
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minimum 62 years old
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reverse mortgage facts
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payments are tax free, debt increases with each cash advance and payment to borrower, don't need to pay money until you leave home
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when is repayment required for reverse mortgage?
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generally when home is sold, last stitching homeowner dies, fails to pay, declares bankruptcy, moves out, commits fraud, trends ask or portion on home out, new owner is added to title, new Leon is taken out against home
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hecm aka
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home equity conversion mortgage
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hecm is
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eligible prep Pettis are 1-4 family unit properties, condos, and manufactured homes
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hud aka
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housing and urban development
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fha aka
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federal housing administration
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you must complete what to get a hecm?
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counseling
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