Government fees when selling a house
When selling a house, who pays for what – the buyer or the seller?While buyers may be slugged with Stamp Duty, sellers may also need to factor certain government fees into their budget.It should...
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Mortgage
A mortgage is a loan you take out from a bank or lender to buy real estate.
What is a mortgage?
A mortgage is a loan you take out from a bank or lender to buy real estate. In return, you agree to pay back the loan over time, usually with interest added on top.
What is a reverse mortgage?
A reverse mortgage is a type of loan that allows older homeowners (usually above the age of 60) to convert a portion of their home equity into cash without having to sell their home or make monthly loan payments. However, interest on the loan continues to accumulate over time, increasing the total amount owed.
The amount that can be borrowed typically increases with the borrower's age, making it more suitable for older homeowners. It's not usually an option for younger homeowners due to the long-term nature of the loan.
What happens if you cannot pay off your mortgage?
If you can't make the repayments, the lender typically has the right to take possession of the property through a process called foreclosure. This involves the lender selling the property to recover the outstanding debt.
What's your property worth in today's market?
Compare your property to recent sales in the area to get a current market estimate.
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