Yes but your parents being on the deed will have to also sign.
Yes, if there is no equity in the house to secure that second mortgage, or the equity is less than the exemption.
Yes it is possible to refinance your house if you have low equity. But you must have at least 20 percent equity before your refinance will be apporoved.
Children will normally inherit their parents' property, which will include the equity in a house, even if the mortgage is not fully paid.
Equity release is re-mortgage plan that makes it possible to release equity on a mortgaged property. But, as soon as the equity amount is paid, you have to clear all the outstanding mortgages on your house. There are some equity release providers who deduct the outstanding mortgages from the value of your house to repay the loan.
If you are paying the mortgage, your husband didn't pay for the house. The bank owns the house and you and your husband have an equal share in the equity.
Equity release, in mortgage language, refers to the ability of an individual to obtain a sum of money relative to the value of one's house while retaining the house.
Deduct your mortgage balance(s) from the appraised value of the house. The remainder will be your equity.
It depends on whether the second mortgage attaches to any equity in the property. If the house is worth as much or more than the first mortgage balance, you may well be able to.
The executor of the estate has the option of continuing to pay the mortgage and thereby continuing to own the property (which is presumably a house) or selling it. When you sell a house that has a mortgage, some of the purchase price will go to you, based on your equity in the house, and some will go to pay off the mortgage. If there is little equity in the house, or if the housing market is very depressed, you may realize little or no profit on the sale of the house, but you won't have to continue paying the mortgage.
It's like a second mortgage on your home. They would evaluate the worth of your house minus the amount owed on the first mortgage and loan you a percentage of the difference. You would have to pay two mortgage payments.
A reverse mortgage is an instrument that uses the equity in a senior citizen's house to provide him or her with income. Once the homeowner dies, the lender gets the house.