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Posted by: loanmasterone on 2009-03-30, 09:53:31
Everyone refinance for different reason, not simply because they saw a commercial on TV about refinancing. With your parents being laid off they might not qualify for a mortgage and be able to prove that they have sufficient income, unless they have stocks and bonds and other income producing securities. There is a possibility that your parents might be qualified for a reverse mortgage. This is a mortgage for those seniors that are 62 and older, have enough equity in their homes to pay off the existing mortgages and other liens if there are any. What remains after all is paid off goes to the homeowners. The only redeeming factor in this type loan that is underwritten by the federal government is they are not required to pay the loan back, by making monthly mortgage payments. They also have the option to take the loan proceeds in one lump sum or to be paid out over a period of time until the funds are exhausted. They may reside in the house until both die. After that if the relatives want to keep the house they must pay off the reverse mortgage by cash, a new loan or selling the house. If they don't want the house, then the investor that made the loan take over the house. You should check with a mortgage banker/ broker about this government sponsored program. I hope this has been of some use to you, good luck. "FIGHT ON " |
