Are you looking for a mortgage for your Westchester, NY home? Emery Federal Credit Union  can help you with your mortgage in Westchester  - or anywhere in the beautiful Hudson Valley. Down Payment Assistance in Westchester Many local and state agencies run bond programs to generate funds to help individuals and families with a down payment. Contrary to public thinking, these bond issues are not a type of welfare. The government knows that it can be tough to buy that first home, especially on a limited income. Most agencies are income sensitive, but you may be surprised by the high level of acceptable income. The income level is especially high if you have children or dependents. Most agencies also have purchase limits, but they are adjusted to the income qualifications level. If you are able to obtain down payment assistance, you may receive a lower interest rate. The drawback is that it often takes quite a bit of work with extra paperwork and mandatory education classes. Emery Federal Credit Union’s Community Bankers can help in this area, as they are familiar with both the local and state agencies and their policies. Westchester Homeowner's Insurance Information When you insure your home, Emery Federal Credit Union recommends that you should insure your home for the total amount it would cost to rebuild your home if it were destroyed. If you don't have sufficient insurance, your insurance company may only pay a portion of the cost of replacing or repairing damaged items. There are three ways to insure the structure of your home, say Emery Federal Credit Union experts: 1.    Replacement Cost: Insurance that pays the policyholder the cost of replacing the damaged property without deduction for depreciation, but limited to a maximum dollar amount. 1.2.    Guaranteed Replacement Cost: Insurance that pays the full cost of replacing damaged property, without a deduction for depreciation and without a dollar limit. This coverage is not available in all states and some companies limit the coverage to 120 percent of the cost of rebuilding your home. This gives you protection against such things as a sudden increase in construction costs due to a shortage of building materials. 1.3.    Actual Cash Value: Insurance under which the policyholder receives an amount equal to the replacement value of damaged property minus an allowance for depreciation. Unless a homeowner's policy specifies that property is covered for its replacement value, the coverage is for actual cash value. 4.    Check with an insurance agent of your choice for the homeowner’s insurance options available in your state.   For a quick estimate of the amount to rebuild your home, multiply the local building costs per square foot by the total square footage of your house. To find out the building rates in your area, consult your local builders association or real estate appraiser. Factors that will determine the cost to rebuild your home:     Local construction costs     The square footage of the structure     The type of exterior wall construction: frame, masonry (brick or stone) or veneer     The style of the house (ranch, colonial)     The number of bathrooms and other rooms   Know Your Credit Score Before Buying in Westchester Credit Reporting Agencies collect information about you and your credit history from public records, your creditors, and other reliable sources. These agencies make your credit history available to your current and prospective creditors and employers as allowed by law. Credit agencies do not grant or deny credit. The credit reporting agencies are: Equifax PO Box 105873 Atlanta, GA 30348 800-685-1111 Experian PO Box 2002 Allen, TX 75013 888-EXPERIAN (888-397-3742) TransUnion PO Box 2000 Chester, PA 19022 (800) 888-4213

Are you looking for a mortgage for your Rockland, NY home? Emery Federal Credit Union  can help you with your mortgage in Rockland County- or anywhere in beautiful Hudson Valley.   Appraisals in Rockland County An appraisal of real estate is the valuation of the rights of ownership. The appraiser must define the rights he intends to appraise. The appraiser does not create value; rather, the appraiser interprets the market to arrive at a value estimate. As the appraiser compiles data pertinent to a report, consideration must be given to the site and amenities as well as the physical condition of the property. An appraiser may spend only a short time inspecting the property, however, this is only the beginning. Considerable research and collection of general and specific data must be accomplished before the appraiser can arrive at a final opinion of value. Due to the many types of value such as fair market value, insurance value, tax value, and value in use, the need to precisely define the purpose of the appraisal is essential. Rockland County Reverse Mortgages A reverse mortgage is a special type of loan made to older homeowners to enable them to convert the equity in their home to cash to finance living expenses, home improvements, in home health care, or other needs. With a reverse mortgage, the payment stream is "reversed." That is, payments are made by the lender to the borrower, rather than monthly repayments by the borrower to the lender, as occurs with a regular home purchase mortgage. A reverse mortgage is a sophisticated financial planning tool that enables seniors to stay in their home or "age in place" and maintain or improve their standard of living without taking on a monthly mortgage payment. The process of obtaining a reverse mortgage involves a number of different steps. A reverse mortgage is different from a home equity loan or line of credit, which many banks and thrifts offer. With a home equity loan or line of credit, an applicant must meet certain income and credit requirements, begin monthly repayments immediately, and the home can have an existing first mortgage on it. In addition, there is no restriction on the age of borrowers. In general, reverse mortgages are limited to borrowers 62 years or older who own their home free and clear of debt or nearly so, and the home is free of tax liens. Borrowers usually have a choice of receiving the proceeds from a reverse mortgage in the form of a lump sum payment, fixed monthly payments for life, or line of credit. Some types of reverse mortgages also allow fixed monthly payments for a finite time period, or a combination of monthly payments and line of credit. The interest rate charged on a reverse mortgage is usually an adjustable rate that changes monthly or yearly. However, the size of monthly payments received by the senior doesn't change. Some reverse mortgage products also involve the purchase of an annuity that can assure continued monthly income to the senior homeowner even after they sell the home. The size of reverse mortgage that a senior homeowner can receive depends on the type of reverse mortgage, the borrower's age and current interest rates, and the home's property value. The older the applicant is, the larger the monthly payments or line of credit. This is because of the use of projected life expectancies in determining the size of reverse mortgages. Seniors do not have to meet income or credit requirements to qualify for a reverse mortgage. Unlike a home purchase mortgage or home equity loan, a reverse mortgage doesn't require monthly repayments by the borrower to the lender. A reverse mortgage isn't repayable until the borrower no longer occupies the home as his or her principal residence. This can occur if the sole remaining borrower dies, the borrower sells the home, or the borrower moves out of the home, say, to a nursing home. The repayment obligation for a reverse mortgage is equal to the principal balance of the loan, plus accrued interest, plus any finance charges paid for through the mortgage. This repayment obligation, however, can't exceed the value of the home. The loan may be repaid by the borrower or by the borrower's family or estate, with or without a sale of the home. If the home is sold and the sale proceeds exceed the repayment obligation, the excess funds go to the borrower or borrower's estate. If the sales proceeds are less than the amount owed, the shortfall is usually covered by insurance or some other party and is not the responsibility of the borrower or borrower's estate. In general, the repayment obligation of the borrower or borrower's estate can't exceed the value of the property. In general, a borrower can't be forced to sell their home to repay a reverse mortgage as long as they occupy the home, even if the total of the monthly payments to the borrower exceeds the value of the home  

Are you looking for a mortgage for your Putnam County, NY home? Emery Federal Credit Union  can help you with your mortgage in Putnam County  - or anywhere in the beautiful Hudson Valley.   Other Mortgage Programs in Putnam County If you are thinking about refinancing your mortgage, Emery Federal Credit Union suggests you consider other types of mortgages. For example, you might want to look into a 15-year fixed rate mortgage. In this plan, your mortgage payments are somewhat higher than a longer-term loan, but you pay substantially less interest over the life of the loan and build equity more quickly. (Of course, this also means you have less interest to deduct on your income tax return.) You also might want to consider refinancing if you have an adjustable rate mortgage with high or no limits on interest rate increases. You might want to switch to a fixed rate mortgage or to an adjustable rate mortgage that limits changes in the rate at each adjustment date as well as over the life of the loan. If you decide to apply for refinancing with Emery Federal Credit Union  or other lender, and if you do not want to let the interest rate "float" until closing, get a written statement to guarantee the interest rate and the number of discount points that you will pay at closing. This binding commitment or "lock in" ensures that the mortgage company will not raise these costs even if rates increase before you settle on the new loan. You also may consider requesting an agreement where the interest rate can decrease but not increase before closing. Most companies place a limit on the length of time (say, 60 days) they will guarantee the interest rate. You must sign the loan during that time or lose the benefit of that particular rate. Because many people refinance their mortgages when rates decline, there may be a delay in processing the papers. Therefore, you may want to contact the company periodically to check on the progress of your loan approval and to see if additional information is needed. Putnam County and Surrounding Area The Hudson Valley is one of the most beautiful locations in the world, full of history, beautiful mountains and rivers, and plenty to keep you entertained year round. Please visit the Historic Hudson Valley website for more information

Are you looking for a mortgage for your Dutchess County, NY home? Emery Federal Credit Union  can help you with your mortgage in Dutchess County  - or anywhere in the beautiful Hudson Valley. Dutchess County Homeowner's Insurance Information When you insure your home, Emery Federal Credit Union  recommends that you should insure your home for the total amount it would cost to rebuild your home if it were destroyed. If you don't have sufficient insurance, your insurance company may only pay a portion of the cost of replacing or repairing damaged items. There are three ways to insure the structure of your home, say Emery Federal Credit Union  experts: 1.    Replacement Cost: Insurance that pays the policyholder the cost of replacing the damaged property without deduction for depreciation, but limited to a maximum dollar amount. 1.2.    Guaranteed Replacement Cost: Insurance that pays the full cost of replacing damaged property, without a deduction for depreciation and without a dollar limit. This coverage is not available in all states and some companies limit the coverage to 120 percent of the cost of rebuilding your home. This gives you protection against such things as a sudden increase in construction costs due to a shortage of building materials. 1.3.    Actual Cash Value: Insurance under which the policyholder receives an amount equal to the replacement value of damaged property minus an allowance for depreciation. Unless a homeowner's policy specifies that property is covered for its replacement value, the coverage is for actual cash value. 4.    Check with an insurance agent of your choice for the homeowner’s insurance options available in your state.   For a quick estimate of the amount to rebuild your home, multiply the local building costs per square foot by the total square footage of your house. To find out the building rates in your area, consult your local builders association or real estate appraiser. Factors that will determine the cost to rebuild your home:     Local construction costs     The square footage of the structure     The type of exterior wall construction: frame, masonry (brick or stone) or veneer     The style of the house (ranch, colonial)     The number of bathrooms and other rooms   Know Your Credit Score Before Buying in Dutchess County Credit Reporting Agencies collect information about you and your credit history from public records, your creditors, and other reliable sources. These agencies make your credit history available to your current and prospective creditors and employers as allowed by law. Credit agencies do not grant or deny credit. The credit reporting agencies are: Equifax PO Box 105873 Atlanta, GA 30348 800-685-1111 Experian PO Box 2002 Allen, TX 75013 888-EXPERIAN (888-397-3742) TransUnion PO Box 2000 Chester, PA 19022 (800) 888-4213 Down Payment Assistance in Dutchess County Many local and state agencies run bond programs to generate funds to help individuals and families with a down payment. Contrary to public thinking, these bond issues are not a type of welfare. The government knows that it can be tough to buy that first home, especially on a limited income. Most agencies are income sensitive, but you may be surprised by the high level of acceptable income. The income level is especially high if you have children or dependents. Most agencies also have purchase limits, but they are adjusted to the income qualifications level. If you are able to obtain down payment assistance, you may receive a lower interest rate. The drawback is that it often takes quite a bit of work with extra paperwork and mandatory education classes. Emery Federal Credit Union’s Community Bankers can help in this area, as they are familiar with both the local and state agencies and their policies.

Are you looking for a mortgage for your Hurley, NY home? Emery Federal Credit Union  can help you with your mortgage in Hurley  - or anywhere in the beautiful Hudson Valley.   Other Mortgage Programs in Hurley If you are thinking about refinancing your mortgage, Emery Federal Credit Union’s mortgage advisers suggest you consider other types of mortgages. For example, you might want to look into a 15-year fixed rate mortgage. In this plan, your mortgage payments are somewhat higher than a longer-term loan, but you pay substantially less interest over the life of the loan and build equity more quickly. (Of course, this also means you have less interest to deduct on your income tax return.) You also might want to consider refinancing if you have an adjustable rate mortgage with high or no limits on interest rate increases. You might want to switch to a fixed rate mortgage or to an adjustable rate mortgage that limits changes in the rate at each adjustment date as well as over the life of the loan. If you decide to apply for refinancing with Emery Federal Credit Union or other lender, and if you do not want to let the interest rate "float" until closing, get a written statement to guarantee the interest rate and the number of discount points that you will pay at closing. This binding commitment or "lock in" ensures that the mortgage company will not raise these costs even if rates increase before you settle on the new loan. You also may consider requesting an agreement where the interest rate can decrease but not increase before closing. Most companies place a limit on the length of time (say, 60 days) they will guarantee the interest rate. You must sign the loan during that time or lose the benefit of that particular rate. Because many people refinance their mortgages when rates decline, there may be a delay in processing the papers. Therefore, you may want to contact the company periodically to check on the progress of your loan approval and to see if additional information is needed. Hurley and Surrounding Area Ulster County is one of the most beautiful locations in the world, full of history, beautiful mountains and rivers, and plenty to keep you entertained year round. Please visit Ulster County's Tourism website for more information

Are you looking for a mortgage for your Orange County, NY home? Emery Federal Credit Union can help you with your mortgage in Orange County  - or anywhere in beautiful Hudson Valley. Orange County NY Homeowner's Insurance Information When you insure your home, Emery Federal Credit Union  recommends that you should insure your home for the total amount it would cost to rebuild your home if it were destroyed. If you don't have sufficient insurance, your insurance company may only pay a portion of the cost of replacing or repairing damaged items. There are three ways to insure the structure of your home, say Emery Federal Credit Union  experts: 1.    Replacement Cost: Insurance that pays the policyholder the cost of replacing the damaged property without deduction for depreciation, but limited to a maximum dollar amount. 1.2.    Guaranteed Replacement Cost: Insurance that pays the full cost of replacing damaged property, without a deduction for depreciation and without a dollar limit. This coverage is not available in all states and some companies limit the coverage to 120 percent of the cost of rebuilding your home. This gives you protection against such things as a sudden increase in construction costs due to a shortage of building materials. 1.3.    Actual Cash Value: Insurance under which the policyholder receives an amount equal to the replacement value of damaged property minus an allowance for depreciation. Unless a homeowner's policy specifies that property is covered for its replacement value, the coverage is for actual cash value. 4.    Check with an insurance agent of your choice for the homeowner’s insurance options available in your state.   For a quick estimate of the amount to rebuild your home, multiply the local building costs per square foot by the total square footage of your house. To find out the building rates in your area, consult your local builders association or real estate appraiser. Factors that will determine the cost to rebuild your home:     Local construction costs     The square footage of the structure     The type of exterior wall construction: frame, masonry (brick or stone) or veneer     The style of the house (ranch, colonial)     The number of bathrooms and other rooms   Know Your Credit Score Before Buying in Orange County, NY Credit Reporting Agencies collect information about you and your credit history from public records, your creditors, and other reliable sources. These agencies make your credit history available to your current and prospective creditors and employers as allowed by law. Credit agencies do not grant or deny credit. The credit reporting agencies are: Equifax PO Box 105873 Atlanta, GA 30348 800-685-1111 Experian PO Box 2002 Allen, TX 75013 888-EXPERIAN (888-397-3742) TransUnion PO Box 2000 Chester, PA 19022 (800) 888-4213 Down Payment Assistance in Orange County, NY Many local and state agencies run bond programs to generate funds to help individuals and families with a down payment. Contrary to public thinking, these bond issues are not a type of welfare. The government knows that it can be tough to buy that first home, especially on a limited income. Most agencies are income sensitive, but you may be surprised by the high level of acceptable income. The income level is especially high if you have children or dependents. Most agencies also have purchase limits, but they are adjusted to the income qualifications level. If you are able to obtain down payment assistance, you may receive a lower interest rate. The drawback is that it often takes quite a bit of work with extra paperwork and mandatory education classes. Emery Federal Credit Union’s Community Bankers can help in this area, as they are familiar with both the local and state agencies and their policies.

Are you looking for a mortgage for your Ulster County, NY home? Emery Federal Credit Union can help you with your mortgage in Ulster County - or anywhere in the beautiful Hudson Valley. Other Mortgage Programs in Ulster County If you are thinking about refinancing your mortgage, Emery Federal Credit Union’s mortgage advisers suggest you consider other types of mortgages. For example, you might want to look into a 15-year fixed rate mortgage. In this plan, your mortgage payments are somewhat higher than a longer-term loan, but you pay substantially less interest over the life of the loan and build equity more quickly. (Of course, this also means you have less interest to deduct on your income tax return.) You also might want to consider refinancing if you have an adjustable rate mortgage with high or no limits on interest rate increases. You might want to switch to a fixed rate mortgage or to an adjustable rate mortgage that limits changes in the rate at each adjustment date as well as over the life of the loan. If you decide to apply for refinancing with Emery Federal Credit Union  or other lender, and if you do not want to let the interest rate "float" until closing, get a written statement to guarantee the interest rate and the number of discount points that you will pay at closing. This binding commitment or "lock in" ensures that the mortgage company will not raise these costs even if rates increase before you settle on the new loan. You also may consider requesting an agreement where the interest rate can decrease but not increase before closing. Most companies place a limit on the length of time (say, 60 days) they will guarantee the interest rate. You must sign the loan during that time or lose the benefit of that particular rate. Because many people refinance their mortgages when rates decline, there may be a delay in processing the papers. Therefore, you may want to contact the company periodically to check on the progress of your loan approval and to see if additional information is needed. Ulster County and Surrounding Area Ulster County is one of the most beautiful locations in the world, full of history, beautiful mountains and rivers, and plenty to keep you entertained year round. Please visit Ulster County's Tourism website for more information

Are you looking for a mortgage for your Rensselaer County, NY home? Emery Federal Credit Union  can help you with your mortgage in Rensselaer County- or anywhere in the beautiful Hudson Valley. Other Mortgage Programs in Rensselaer County If you are thinking about refinancing your mortgage, Emery Federal Credit Union’s mortgage advisers suggest you consider other types of mortgages. For example, you might want to look into a 15-year fixed rate mortgage. In this plan, your mortgage payments are somewhat higher than a longer-term loan, but you pay substantially less interest over the life of the loan and build equity more quickly. (Of course, this also means you have less interest to deduct on your income tax return.) You also might want to consider refinancing if you have an adjustable rate mortgage with high or no limits on interest rate increases. You might want to switch to a fixed rate mortgage or to an adjustable rate mortgage that limits changes in the rate at each adjustment date as well as over the life of the loan. If you decide to apply for refinancing with Emery Federal Credit Union  or other lender, and if you do not want to let the interest rate "float" until closing, get a written statement to guarantee the interest rate and the number of discount points that you will pay at closing. This binding commitment or "lock in" ensures that the mortgage company will not raise these costs even if rates increase before you settle on the new loan. You also may consider requesting an agreement where the interest rate can decrease but not increase before closing. Most companies place a limit on the length of time (say, 60 days) they will guarantee the interest rate. You must sign the loan during that time or lose the benefit of that particular rate. Because many people refinance their mortgages when rates decline, there may be a delay in processing the papers. Therefore, you may want to contact the company periodically to check on the progress of your loan approval and to see if additional information is needed. Rensselaer County and Surrounding Area Ulster County is one of the most beautiful locations in the world, full of history, beautiful mountains and rivers, and plenty to keep you entertained year round. Please visit the Historic Hudson Valley website for more information

Are you looking for a mortgage for your Albany County, New York home? Emery Federal Credit Union  can help you with your mortgage in Albany County, New York- or anywhere in the beautiful Hudson Valley. Albany County New York Homeowner's Insurance Information When you insure your home, Emery Federal Credit Union a recommends that you should insure your home for the total amount it would cost to rebuild your home if it were destroyed. If you don't have sufficient insurance, your insurance company may only pay a portion of the cost of replacing or repairing damaged items. There are three ways to insure the structure of your home, say Emery Federal Credit Union  experts: 1.    Replacement Cost: Insurance that pays the policyholder the cost of replacing the damaged property without deduction for depreciation, but limited to a maximum dollar amount. 1.2.    Guaranteed Replacement Cost: Insurance that pays the full cost of replacing damaged property, without a deduction for depreciation and without a dollar limit. This coverage is not available in all states and some companies limit the coverage to 120 percent of the cost of rebuilding your home. This gives you protection against such things as a sudden increase in construction costs due to a shortage of building materials. 1.3.    Actual Cash Value: Insurance under which the policyholder receives an amount equal to the replacement value of damaged property minus an allowance for depreciation. Unless a homeowner's policy specifies that property is covered for its replacement value, the coverage is for actual cash value. 4.    Check with an insurance agent of your choice for the homeowner’s insurance options available in your state.   For a quick estimate of the amount to rebuild your home, multiply the local building costs per square foot by the total square footage of your house. To find out the building rates in your area, consult your local builders association or real estate appraiser. Factors that will determine the cost to rebuild your home:     Local construction costs     The square footage of the structure     The type of exterior wall construction: frame, masonry (brick or stone) or veneer     The style of the house (ranch, colonial)     The number of bathrooms and other rooms   Know Your Credit Score Before Buying in Albany County, New York Credit Reporting Agencies collect information about you and your credit history from public records, your creditors, and other reliable sources. These agencies make your credit history available to your current and prospective creditors and employers as allowed by law. Credit agencies do not grant or deny credit. The credit reporting agencies are: Equifax PO Box 105873 Atlanta, GA 30348 800-685-1111 Experian PO Box 2002 Allen, TX 75013 888-EXPERIAN (888-397-3742) TransUnion PO Box 2000 Chester, PA 19022 (800) 888-4213 Down Payment Assistance in Albany County, New York Many local and state agencies run bond programs to generate funds to help individuals and families with a down payment. Contrary to public thinking, these bond issues are not a type of welfare. The government knows that it can be tough to buy that first home, especially on a limited income. Most agencies are income sensitive, but you may be surprised by the high level of acceptable income. The income level is especially high if you have children or dependents. Most agencies also have purchase limits, but they are adjusted to the income qualifications level. If you are able to obtain down payment assistance, you may receive a lower interest rate. The drawback is that it often takes quite a bit of work with extra paperwork and mandatory education classes. Emery Federal Credit Union’s Community Bankers can help in this area, as they are familiar with both the local and state agencies and their policies.

Are you looking for a mortgage for your Greene County, NY home? Emery Federal Credit Union  can help you with your mortgage in Greene County - or anywhere in the beautiful Hudson Valley. Appraisals in Greene County New York An appraisal of real estate is the valuation of the rights of ownership. The appraiser must define the rights he intends to appraise. The appraiser does not create value; rather, the appraiser interprets the market to arrive at a value estimate. As the appraiser compiles data pertinent to a report, consideration must be given to the site and amenities as well as the physical condition of the property. An appraiser may spend only a short time inspecting the property, however, this is only the beginning. Considerable research and collection of general and specific data must be accomplished before the appraiser can arrive at a final opinion of value. Due to the many types of value such as fair market value, insurance value, tax value, and value in use, the need to precisely define the purpose of the appraisal is essential. Greene County New York Reverse Mortgages A reverse mortgage is a special type of loan made to older homeowners to enable them to convert the equity in their home to cash to finance living expenses, home improvements, in home health care, or other needs. With a reverse mortgage, the payment stream is "reversed." That is, payments are made by the lender to the borrower, rather than monthly repayments by the borrower to the lender, as occurs with a regular home purchase mortgage. A reverse mortgage is a sophisticated financial planning tool that enables seniors to stay in their home or "age in place" and maintain or improve their standard of living without taking on a monthly mortgage payment. The process of obtaining a reverse mortgage involves a number of different steps. A reverse mortgage is different from a home equity loan or line of credit, which many banks and thrifts offer. With a home equity loan or line of credit, an applicant must meet certain income and credit requirements, begin monthly repayments immediately, and the home can have an existing first mortgage on it. In addition, there is no restriction on the age of borrowers. In general, reverse mortgages are limited to borrowers 62 years or older who own their home free and clear of debt or nearly so, and the home is free of tax liens. Borrowers usually have a choice of receiving the proceeds from a reverse mortgage in the form of a lump sum payment, fixed monthly payments for life, or line of credit. Some types of reverse mortgages also allow fixed monthly payments for a finite time period, or a combination of monthly payments and line of credit. The interest rate charged on a reverse mortgage is usually an adjustable rate that changes monthly or yearly. However, the size of monthly payments received by the senior doesn't change. Some reverse mortgage products also involve the purchase of an annuity that can assure continued monthly income to the senior homeowner even after they sell the home. The size of reverse mortgage that a senior homeowner can receive depends on the type of reverse mortgage, the borrower's age and current interest rates, and the home's property value. The older the applicant is, the larger the monthly payments or line of credit. This is because of the use of projected life expectancies in determining the size of reverse mortgages. Seniors do not have to meet income or credit requirements to qualify for a reverse mortgage. Unlike a home purchase mortgage or home equity loan, a reverse mortgage doesn't require monthly repayments by the borrower to the lender. A reverse mortgage isn't repayable until the borrower no longer occupies the home as his or her principal residence. This can occur if the sole remaining borrower dies, the borrower sells the home, or the borrower moves out of the home, say, to a nursing home. The repayment obligation for a reverse mortgage is equal to the principal balance of the loan, plus accrued interest, plus any finance charges paid for through the mortgage. This repayment obligation, however, can't exceed the value of the home. The loan may be repaid by the borrower or by the borrower's family or estate, with or without a sale of the home. If the home is sold and the sale proceeds exceed the repayment obligation, the excess funds go to the borrower or borrower's estate. If the sales proceeds are less than the amount owed, the shortfall is usually covered by insurance or some other party and is not the responsibility of the borrower or borrower's estate. In general, the repayment obligation of the borrower or borrower's estate can't exceed the value of the property. In general, a borrower can't be forced to sell their home to repay a reverse mortgage as long as they occupy the home, even if the total of the monthly payments to the borrower exceeds the value of the home