Posted on: 04th Apr, 2012 05:45 pm
is it possible to refinance a home that is paid for? we paid cash for home value 140,000 my mom purchased home she is 83 and would like to refinance to put money back in back. she would like about 80,000 refinance. it could be in her name and mine but my credit score is about 595 and i own another home.
Hi Slkind!
Welcome to forums!
If the property is free and clear, then you don't need to refinance the loan. Rather you need to take out a new loan if you want to utilize the property as a collateral. As your mother is 83 years of age, she can also apply for a reverse mortgage.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If the property is free and clear, then you don't need to refinance the loan. Rather you need to take out a new loan if you want to utilize the property as a collateral. As your mother is 83 years of age, she can also apply for a reverse mortgage.
Feel free to ask if you've further queries.
Sussane
Hi Slkind,
You cannot refinance a loan that is already paid for but you can take out a completely new mortgage on the property if you meet all the required criteria of the lender.
Thanks
You cannot refinance a loan that is already paid for but you can take out a completely new mortgage on the property if you meet all the required criteria of the lender.
Thanks