Reverse mortgage loan duration capped by agreement or limited to borrower lifetime under scheme rules. The scheme sets alternative temporal caps on reverse mortgage loans: where disbursed under clause (a) of Paragraph 5 the loan term is capped at twenty ... Summary
Reverse mortgage loan duration capped by agreement or limited to borrower lifetime under scheme rules.
The scheme sets alternative temporal caps on reverse mortgage loans: where disbursed under clause (a) of Paragraph 5 the loan term is capped at twenty years from the date of signing the agreement with the approved lending institution; where disbursed under clause (b) of Paragraph 5 the loan term is limited to the borrower's residual lifetime.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.