Posted on: 17th Dec, 2006 12:33 pm
We are right now in Lofall, 575 Lofall Rd, outside Poulsbo 98370 constructing a 3800 SF home with a construction loan that we have to pay off at 840K (including the land 6.44 acres) around April or May 2007 when the home is finished. The yearly value increase in this area is appr. 20% according to the Kitsap County Assessor. The finished value of the home was appraised to $1.050 milj. by the construction loan lender. It could probably be 1.1 – 1.2 milj. in reality. How do we get the lowest possible monthly payments in financing it using the equity. My wife and I were both 62 years old in November this year.
Yours, Leif Werner
Yours, Leif Werner
Hi Leif,
I think you are looking for a loan against your home equity. Since both of you are above 62 years old, it is likely that you may qualify for a reverse mortgage. But you need to check out the eligibility criteria of such a loan. I am suggesting this option, as you don't require paying any monthly installment on this loan.
The loan should be repaid only if you want to sell the home or leave it away. In the event of your death, you heirs need to repay the loan. There is another feature of this loan that may attract you. You can keep the extra cash if your total debt amount is lower than your home value.
Thanks,
Sara
I think you are looking for a loan against your home equity. Since both of you are above 62 years old, it is likely that you may qualify for a reverse mortgage. But you need to check out the eligibility criteria of such a loan. I am suggesting this option, as you don't require paying any monthly installment on this loan.
The loan should be repaid only if you want to sell the home or leave it away. In the event of your death, you heirs need to repay the loan. There is another feature of this loan that may attract you. You can keep the extra cash if your total debt amount is lower than your home value.
Thanks,
Sara
Are you looking for some kind of permanent financing?
Hi Wca,
Getting a home loan which requires low monthly payments depend upon a number of factors such as your financial situation, credit scores, how regular you have been making payments in the past, the time period of loan repayment and various other factors.
In order to ensure that you get the lowest possible rate, you need to shop with a number of lenders, collect data on the loans they are willing to offer you and then compare the data on the basis of the lender's profile, rates, fees and monthly payments.
Thanks,
James.
Getting a home loan which requires low monthly payments depend upon a number of factors such as your financial situation, credit scores, how regular you have been making payments in the past, the time period of loan repayment and various other factors.
In order to ensure that you get the lowest possible rate, you need to shop with a number of lenders, collect data on the loans they are willing to offer you and then compare the data on the basis of the lender's profile, rates, fees and monthly payments.
Thanks,
James.
hi,
as both of you are above 62 years, you can apply for a reverse mortgage loan. it will be the best option for you as there are no credit checks or income requirements. you don't have to make payments on a reverse mortgage the way you make payments on a home equity loan. a reverse mortgage is a loan that's taken out based on your home equity. so, until and unless you plan to sell off your house or leave it you don't have to worry about the loan and after your death your heirs need to repay the loan.
as both of you are above 62 years, you can apply for a reverse mortgage loan. it will be the best option for you as there are no credit checks or income requirements. you don't have to make payments on a reverse mortgage the way you make payments on a home equity loan. a reverse mortgage is a loan that's taken out based on your home equity. so, until and unless you plan to sell off your house or leave it you don't have to worry about the loan and after your death your heirs need to repay the loan.