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Home Mortgage Refinancing Loans Article
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Finding the Right Refinancing Home Loan Designed With Seniors in Mind
from:There are several ways to go about getting a refinancing home loan plan. Sometimes in life we need to have cash readily available to meet life’s ongoing financial challenges. CHIP is a Canadian Home Income Plan used for securing a refinancing home loan by way of a reversal mortgage. With a traditional refinancing home loan you pay the lender, but with a reversal plan, it pays you. The money you are able to take out from this type of refinancing home loan is made available from the equity of your home.
The CHIP refinancing home loan allows you to borrow up to 40 percent of the equity on your home without having to pay back the principal amount of the reversal loan nor the interest for as long as you live in your home. Reverse mortgages such as the CHIP have become popular in the United Kingdom, Australia, The United States, and several other countries.
The CHIP plan is offered exclusively to seniors and their spouses who are at least 60 years of age. The actual amount available to you in this type of refinancing home loan is determined by both the ages of yourself and spouse, the net worth (appraisal value) of your home, the type of home and location.
The CHIP is so versatile that it allows you to choose how you want to receive your money. You can choose a lump sum payment: a lump sum followed with cash disbursements over a period of time, a planned schedule of payments or sporadic withdrawals as the need arises.
The CHIP provides tax-free disbursements that will not affect your Old Age Pension or Guaranteed Income Supplement.
You will still have full ownership of your home. You do not lose your home by taken out a CHIP. You simply maintain your property and pay all regular fees that you had been paying prior to taking out a CHIP: such as property taxes, fire and theft insurance, and condos fees if applicable.
The amount due for repayment of the loan is only enforceable: after the death of you and your spouse, or if the home is sold, or if you and your spouse decide to move out of the house. However, you have the option to repay the refinancing home loan at anytime including in your own lifetime. In fact there are several repayment options available even for the estate to repay after the death of your death and that of your spouses. Your family will never have to worry about repaying more than the market value of your home at the time of sale. Should your descendents decide to keep the home; interest rates for repaying the reversal loan start as low as 6.25%. They will be able to meet the payments by using other funds available to them as well.
Refinancing home loan plans are an excellent way to get some needed cash to vacation, invest, pay off outstanding bills, renovate, and more. The only limitation on your spending is that you pay off any outstanding loans on your home with your money from your CHIP and keep the rest to do as you wish.
Home Mortgage Refinancing Loans News
LendingTree Analysis Indicates Greater Savings with Adjustable-Rate Mortgages ... - MarketWatch (press release)
LendingTree Analysis Indicates Greater Savings with Adjustable-Rate Mortgages ... MarketWatch (press release) With Adjustable Rate Mortgages (ARM) representing only about 7% of new loan originations in the market, many consumers are seemingly unaware that these adjustable rate loans are worth a second look. As refinance volume has increased year over year, ... |
Mortgage applications up on refi demand: MBA - Reuters
 New Zealand Herald | Mortgage applications up on refi demand: MBA Reuters The MBA's seasonally adjusted index of refinancing applications gained 5.6 percent, but the gauge of loan requests for home purchases fell for the second week in a row and was down 3.0 percent. Mortgage rates fell as further uncertainty around the ... Time to Refinance While Mortgage Rates are So Low Refinancing Up as Rates Keep Falling MBA Weekly Survey: Refinance Applications Increase Because of Record Low ... |
Refinance Applications Increase in U.S. for Third Consecutive Week, Driven by ... - World Property Channel
 e-wisdom.com | Refinance Applications Increase in U.S. for Third Consecutive Week, Driven by ... World Property Channel "Mortgage rates again dipped to new record lows in the survey, which spurred more borrowers back into the refinance market. As a result, applications for refinance loans have increased for the third straight week and are at the highest level since ... Current Mortgage Rates: SunTrust, TD Bank and US Bank Home Purchase Rates for ... Mortgage rates drop to new record lows, mortgage activity jumps Even Lower Interest Rates Keep Refi's Rolling |
Mortgage Rates for 30-Year US Loans Fall to a Record-Low 3.78% - Bloomberg
Mortgage Rates for 30-Year US Loans Fall to a Record-Low 3.78% Bloomberg The Mortgage Bankers Association's index of refinancing applications gained 5.6 percent in the week ended May 18, while the gauge of purchases declined 3 percent, the Washington-based group said yesterday. US home prices jumped 2.7 percent in March ... Freddie Mac: Housing market showing recovery Freddie Mac: Some Encouraging Signs From 1Q Economic Data |
Refinancing homeowners overwhelmingly choose fixed loans - e-wisdom.com
 e-wisdom.com | Refinancing homeowners overwhelmingly choose fixed loans e-wisdom.com By Max Thompson A great majority of homeowners who opted to refinance in the first quarter (Q1) of 2012 choose fixed-rate mortgages over adjustable-rate mortgages for their new loan, Freddie Mac revealed in a recent report. According to Freddie Mac, ... Freddie Mac Repurchase Policy Is MBS Investors' Latest Worry Freddie Mac reports $330M Bank of America mortgage prepayment Investors,Analysts Don't All See Benefits In Single Agency MBS |