Welcome to Home Refinancing Guide
Mobile Home Refinancing With Bad Credit Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
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.
Mobile Home Refinancing With Bad Credit News
Despite Home Value Gains, Underwater Homeowners Owe $1.2 Trillion More than ... - Sacramento Bee
Despite Home Value Gains, Underwater Homeowners Owe $1.2 Trillion More than ... Sacramento Bee By Zillow.com SEATTLE, May 24, 2012 -- /PRNewswire/ -- Nearly one-third (31.4 percent) of US homeowners with mortgages – or 15.7 million – were underwater on their mortgage in the first quarter of 2012, despite rising home values, according to the ... |
Stats Point to a Decent Housing Market; Nationstar and ResCap;... - Mortgage News Daily
Stats Point to a Decent Housing Market; Nationstar and ResCap;... Mortgage News Daily After a bad showing in April the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) has rebounded, hitting its highest reading of builder confidence since May 2007. On the residential side, the MBA reported what lock ... |
Buybacks Wearing on Industry; Fannie, Freddie and Wall Street;... - Mortgage News Daily
Buybacks Wearing on Industry; Fannie, Freddie and Wall Street;... Mortgage News Daily She also noted that uncertainty over regulations and the outlook for home prices is hindering mortgage lending. This is certainly not a surprise to anyone in the business. Along those lines, looking back at the agency role 10 years ago, I received this ... |
Intelsat Reports First Quarter 2012 Results - MarketWatch (press release)
Intelsat Reports First Quarter 2012 Results MarketWatch (press release) The agreement will allow Discovery to deliver high definition channels both to cable and Direct-to-Home (DTH) providers in the region. The capacity on Intelsat 9 at 302 deg East will transition to Intelsat 21 once that satellite enters service later ... |
Business Highlights - BusinessWeek
 CTV.ca | Business Highlights BusinessWeek Financial stocks in Madrid soared Thursday, a day after the government said it would take a 45 percent controlling stake in Bankia SA, which has the highest exposure to bad property loans of all Spanish banks following a crash in the construction ... JPMorgan mind-meld - Investors see Obama win - Blunt hits news jobs data ... |