How,Use,Reverse,For,Purchase,W finance, share, loan How to Use a Reverse For Purchase When a Refinance Won\\\'t
If your financial problems have reached the point where you do not see a way out and you feel as though you are drowning in debt, your best way out is through declaring bankruptcy. Filing may well allow you to get your finances back on track Thankfully, there are now several web sites that are there to help people like you with bad credit to find the fast personal loans that you need. When you have bad credit, the first thing that you should be looking for is a loan company that
Senior Almost Homeless in $900,000 Home and Can't RefinanceIn many situations, seniors might not qualify for a refinance because of their fixed incomes and may not even qualify for reverse refinance because of lack of equity. However, many times they have just enough equity to pull out of their house if they sell their home.I currently have a borrower who owns a home worth around $900,000. Two thirds of her house is maxed out with three mortgages (her payments are approximately $4,000 per month) and one note is coming due. She can't qualify for a traditional refinance because of her fixed income. If she doesn't sell and find another home, she may end up homeless at 68.I explained to her that if she sold her home for $900,000, paid off the three mortgages, she would have approximately $300,000 to put down on another home (after the realtors' commission and closing costs). With the FHA Home Equity Conversion Mortgage Reverse For Purchase (which was signed by Congress last year), she would receive a loan/contribution of approximately $350,000 which would allow her to purchase a $650,000 house with no monthly payment. Another bonus to her is she would not have to qualify by income or credit. Her loan/contribution is based on her age, the down payment she is making and the purchase price of the home.With this loan, she will be relieved of the $4,000 a month burden and will be able to purchase a home that has "senior friendly" amenities (which helps her stay independent).Without the reverse for purchase loan, this lady could have ended up in dire circumstances. Instead, she was able to leverage the equity in her home to start a new life with the Reverse For Purchase.For more information about this loan, you can read about it in the National Council of Agings' booklet, "Use Your Home to Stay At Home - A Guide for Older Homeowners Who Need Help Now." Go here to download it: http://www.ncoa.org/independence-dignity/home-equity.html Article Tags: Refinance Because
How,Use,Reverse,For,Purchase,W