https://www.taxtmi.com/news?id=791 Reverse mortgage loans allow senior citizens to convert residential home equity into lender secured advances payable periodically, in lump sum or as a line of credit, with repayment due on the last surviving borrower's death, permanent vacatur or sale. Eligible borrowers must own clear, self occupied property used as a primary residence; loans are based on market valuation with periodic revaluations, secured by mortgage, carry disclosed interest and costs, include a non recourse/no negative equity assurance, permit penalty free prepayment and a short rescission right, and may be foreclosed for specified defaults such as abandonment, failure to insure or tax nonpayment. en-us Thu, 09 Apr 2009 17:14:21 +0530 Thu, 09 Apr 2009 17:14:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=791 Reverse mortgage loans allow senior citizens to convert residential home equity into lender secured advances payable periodically, in lump sum or as a line of credit, with repayment due on the last surviving borrower's death, permanent vacatur or sale. Eligible borrowers must own clear, self occupied property used as a primary residence; loans are based on market valuation with periodic revaluations, secured by mortgage, carry disclosed interest and costs, include a non recourse/no negative equity assurance, permit penalty free prepayment and a short rescission right, and may be foreclosed for specified defaults such as abandonment, failure to insure or tax nonpayment. News - Thu, 09 Apr 2009 17:14:21 +0530 https://www.taxtmi.com/news?id=791