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Answered 2011-10-31 16:46:26
It is where you have a Mortgage and you have improved your credit you can refinance to lower you monthly bill.
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yes, you can refinance it to a regular mortgage, or if interest rates are lower you can streamline it to a new reverse mortgage.
Yes, there are fees to refinance a reverse mortgage. There are always fees or interest rates when getting any type of loan including refinancing your home.
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.
"Reverse mortgage leads are people who need to refinance their mortgages. Companies get this information, and then sell these peoples numbers to banks that do mortgages."
The primary requirements to qualify for a reverse mortgage are age, 62 or over, ownership of real estate and enough equity to entice a lender to approve a reverse mortgage. Having a job is not a requirement since many senior citizens on social security take advantage of reverse mortgages to supplement their income.Refinancing a reverse mortgage can be difficult, tricky and costly. You would need enough untapped equity to qualify for a new reverse mortgage and to pay off the existing reverse mortgage. The fees and costs would be expensive. In addition, lenders are not approving reverse mortgages at the former rates making them harder to obtain.
If you do a reverse mortgage you should be able to refinance your home and have lower monthly payments that way you can have more money for the rest of your bills!
If you wish to refinance your mortgage you are best to go to the bank you took out the mortgage with. They will be able to help you and are more than likely to refinance your mortgage for you.
A mortgage refinance loan is exactly what the term implies. A homeowner can refinance a mortgage on their home in order to get a lower interest rate on their remaining balance on their mortgage debt.
The marriage is no problem, however the new spouse is not protected in the reverse mortgage unless a refinance is done into both of their names. As a result if the borrower passes away the new spouse will have 6 months to sell the property or refinance it... or to turn it over to the lender.
You can refinance out of a reverse mortgage at any time, there is no prepayment penalty. you can also sell whenever you want and move. Any equity remaining will be yours to keep. If there is negative equity in the home you can turn it over to the lender and will not face personal recourse against you or your assets provided the reverse mortgage is a HECM reverse mortgage insured by FHA- most are.
"There are many VA refinance options. You may refinance your VA mortgage for a lower rate, you may cash out, or you may refinance your current mortgage to a VA mortgage if you qualify for one."
One could refinance their mortgage when the interest rate decreases. However, one must also think the amount they have to pay to refinance their mortgage.
A reverse mortgage has no prepayment penalty, so you can prepay a portion or all of it at any time. Since mortgage interest is deductible in the year you pay it, you can use the reverse mortgage for tax planning making payments in years you need a bigger tax deduction, and making no payments in years you don't need one. You can move at any time, refinance it, or streamline it to a new reverse mortgage.
You must pay off the mortgage and refinance the loan in a single name.You must pay off the mortgage and refinance the loan in a single name.You must pay off the mortgage and refinance the loan in a single name.You must pay off the mortgage and refinance the loan in a single name.
You will have to ask your mortgage provider, because it varies from business to business. Some do not offer this option at all, but others may do so for a fee.
In order to refinance your home, you should look for a reputable mortgage broker. Work with the broker to find a good plan to refinance you home by looking at you current mortgage.
To refinance your home mortgage, you can go to a bank or credit union with the proper paperwork from your original mortgage and ask for refinance. There's usually fees involved, but if you need to, you can.
There are many companies that claim to offer a no fee mortgage refinance. Such services are never free, it always costs something to refinance one's mortgage.
There are many places online where a person can learn how to refinance their own mortgage. Websites such as, quickenloans, homeloans, and mortgage-calc all have info on how someone can refinance their own mortgage.
The lowest mortgage refinance rates are currently around 2 percent.
One can find a mortgage refinance lender in Detroit by going to websites such as Zillow. On websites such as these one will find a list of mortgage refinance lenders.
You can refinance the mortgage in your name if the property is on your name alone and the lender approves your loan.You can refinance the mortgage in your name if the property is on your name alone and the lender approves your loan.You can refinance the mortgage in your name if the property is on your name alone and the lender approves your loan.You can refinance the mortgage in your name if the property is on your name alone and the lender approves your loan.
The main benefit of a second mortgage refinance is that it allows one to not have to create a new mortgage. Creating a new mortgage can be a hassle, which a second mortgage can alleviate.
There are many places that someone can obtain an application to refinance their mortgage. There is a guide about how to do this on eHow. Sites that offer this service include the site Refinance Mortgage Application and Loans.
Basically, refinance mortgage is a restructure of your current mortgage. You can shorten the length of your loan, you can get a lower interest rate and lower your payments. In some cases you can cash-out the equity and actually get cash back at the closing of the refinance mortgage.
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