Refinance Loan

Question: My house is paid off and now looking to buy my half after a divorce, they want me to get a refinance loan?

(Posted by: John Blackwood on 2008-11-20 18:23:17)

Does this sound right? Why do they call it a refinance if it is paid off?

Posted by: A Texas Tycoon on 2008-11-20, 18:35:08

Even though you are originating a new loan the terms used for your situation is cash out refinance.

Posted by: HEATHER on 2008-11-20, 20:52:34

Let's say the house is worth $100,000 and it is paid off. And assuming your wife lived with you during those mortgage payments. She is entitled to half. So you either give her $50K if you have it, or you sell the house for $100,000, pay her the $50,000 and you finance the remaining $50,000.

Posted by: estielmo on 2008-11-20, 23:17:39

It is simply one option to get the money to give the ex- their half. If you have the cash laying around why don't you use it?

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