Sunday, May 08, 2005

Mortgage and Refinance Articles

And, you must have equity in your home.What if I still owe on my home?You may still qualify even if you have a balance on your first mortgage.The proceeds must be used to pay off the mortgage, first.How much can I get?This depends on several factors such as, the age of your home, the value, your age at the time of closing, and interest rates.Is it just monthly payments?No.You can get a lump sum, line of credit, monthly payments or a combination of monthly income and a line of credit.But, won’t I have to pay taxes on these monthly payments to the government?No.The funds are tax-free.Its your money, not additional income.Should I seek a lawyer or receive some counseling before I get a reverse mortgage.Yes.You must be counseled before receiving a reverse mortgage.You don’t have to talk to a lawyer or accountant, but it would be advised.Who owns the title to my house?You still own the title.What happens when I die?Once your home is passed on to your heirs, the mortgage becomes due.Your heirs may pay the mortgage and keep the home or sell the home and pay off the home.They may keep any excess sales proceeds.What if I owe more than the house is worth?You can’t.Your repayment amount will never exceed the value of the home at the time the loan comes d
Comments: Post a Comment

<< Home

This page is powered by Blogger. Isn't yours?