Posted on: 16th Feb, 2009 12:41 pm
I live in a double-wide manufacture home. My current morgage rate is 7,98 %. I just do not want to lose my house. Is there any possibility I can get a reverse morgage and a lower rate ? Thaks.
How can I contact them ?
Hi Jenny t.!
Welcome to forums!
If there is a equity in the property, then you can try refinancing the mobile home. Refinancing the mortgage at a lower rate will help you in reducing your payments.
As far as reverse mortgage is concerned, you can cash out your home equity through this loan. But there are various requirements which you will have to fulfill in order to get a reverse mortgage. You should occupy the property as your primary residence and you should be at least 62 years of age. The property on which you want to take a reverse mortgage should have some equity. Moreover, if there is a mortgage on the home, then you will have to pay it off prior to taking out the loan or else pay them off right after you get the loan funds. To know more about reverse mortgage, check out the following link:
http://www.mortgagefit.com/reverse.html
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
If there is a equity in the property, then you can try refinancing the mobile home. Refinancing the mortgage at a lower rate will help you in reducing your payments.
As far as reverse mortgage is concerned, you can cash out your home equity through this loan. But there are various requirements which you will have to fulfill in order to get a reverse mortgage. You should occupy the property as your primary residence and you should be at least 62 years of age. The property on which you want to take a reverse mortgage should have some equity. Moreover, if there is a mortgage on the home, then you will have to pay it off prior to taking out the loan or else pay them off right after you get the loan funds. To know more about reverse mortgage, check out the following link:
http://www.mortgagefit.com/reverse.html
Feel free to ask if you have further queries.
Sussane