0
You will have to check with your mortgage provider, because every company is different; some do not offer that option, while others may do so for a fee.
Wiki User
∙ 9y ago
Add your answer:
Earn +20 pts
What is new reverse mortgage and where can I learn about it?
You can not get a reverse mortgage if you already have a reverse mortgage in exsistence. If you do not have one you can go to a few places for help such as; rvmortgage.com and allrmc.com
Can you re-finance your reverse mortgage?
yes, you can refinance it to a regular mortgage, or if interest rates are lower you can streamline it to a new reverse mortgage.
How is a reverse mortgage paid off?
A reverse mortgage can be paid off either by selling the home and using sales proceeds, refinancing the home, or doing a streamline reverse mortgage to a new reverse mortgage program. If the homeowner wishes to move, they can sell and use a reverse mortgage to purchase a new home. If the homeowner has passed away, the heirs have 6 months to refinance the home, sell it, or decide to turn over the home to the lender. If there is negative equity in the home the homeowner or the heirs may turn the property over to the lender and walk away without personal recourse. Reverse mortgages are non recourse loans, meaning the only recourse the lender has for collecting lost funds is against the property itself.
What is refinancing?
Refinancing a loan means that you are essentially paying off your mortgage with a new loan. Refinancing is often used to change your loan from an adjustable to a fixed rate and can be a way to lower your monthly payments or take cash out of your home's equity. The process of refinancing is very similar to getting your original mortgage.
Which are the most reliable companies for Florida refi or refinancing deals?
Most mortgage refinancing companies based in Florida can easily be found online through a service called Zillow. Some of the top rated companies include RoundPoint Mortgage, New American Funding, Gold Star Financial, and Home Plus Mortgage.
Is it possible to get cash back on a mortgage refinance?
It is indeed possible but you should first determine if refinancing your mortgage will be favorable. You can then apply for a new mortgage after you have decided on the amount of cash that you need.
Why is home mortgage refinancing such a growth business?
Home mortgage refinancing has become a big business due to the downturn in the economy. With the severe drop in interest rates, it is possible to save hundreds in monthly payments, as a result, a new industry is born.
How does one start the process of refinancing their loan on their home mortgage?
Before refinancing your home, one should consider if refinancing is the right option for them. Refinancing is intended mainly to lower one's interest rate. However, there are some things to be considered when doing this. Refinancing pays off the current loan and creates a new loan at a lower interest rate. Before doing this, the homeowner should know if their current mortgage has a prepayment penalty clause. This means that if they pay the current mortgage early they will have to pay a fine or penalty. This might make refinancing not worth it.
Is a ginnie Mae mortgage part of President Obama's new Home Affordable and Refinancing Program?
I have the same question!
How would one refinance their mortgage in Virginia?
The first step to refinancing is to get rates from a number of lenders, including the one currently holding your mortgage. Alternately, you could go through a mortgage broker who shops your specific situation around to banks and presents their offers to you. But either way, be careful. Even if your interest rate declines, closing costs and new governmental rules surrounding private mortgage insurance (PMI) may make refinancing a losing proposition.
How do you pay back Reverse mortgage?
A reverse mortgage, also known as a Home Equity Conversion Mortgage (HECM) is a relatively new product. A reverse mortgage is a loan against the equity in your home that you don't need to pay back for as long as you live in the home.
If your husband has a reverse mortgage and you are not 62 what happens to you with the house if he dies?
The answer is when he dies the reverse mortgage company will settle up the loan, so you will have to either sell the house or refinance with a new mortgage.
