31+ Mortgage amount based on income
The 28 rule says that you shouldnt pay more than 28 of your monthly gross income on mortgage paymentsincluding taxes and homeowners insurance. A reverse mortgage is a mortgage loan usually secured by a residential property that enables the borrower to access the unencumbered value of the property.
This model gives you the least amount.
. Borrowers are still responsible for property taxes or homeowners insuranceReverse mortgages allow older. The loans are typically promoted to older homeowners and typically do not require monthly mortgage payments.
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