The amount is $ 78,000/- at 7.25%. Short term loan (5 year-loan but now 4 years left) because I'm 64. I want to pay off now so I can live worry free-no debt. Thanks a bunch for your advice.
2006-11-27 17:53:12 · 2 answers · asked by Wal O 1 in Business & Finance ➔ Renting & Real Estate
It depends. If the home is worth the 78K only, and you have little to no equity, you could pay it off. But will this rob you of your nest egg. If it does, you could pay it off and do a reverse mortgage to pull a good bit of it back out. You could then leave it in the lenders credit line, growing in value for whenever you need it. Yet the money you have not used will not be charged interest.
If the home is only worth about $78 k you could do a reverse mortgage to pay part of the debt and pay off the rest with your own money. Either way, it will allow you to keep your home without monthly payments and still have access to a nestegg.
You can contact me, Jeff Walther, at reversemortgagesforseniors@yahoo.com for more information
2006-12-03 15:38:38 · answer #1 · answered by reversemortgagesforseniors 2 · 0⤊ 0⤋
Yes, the mortgage payment eliminated will GUARANTEE no more payments or pay payments. All you would have is taxes but in a lot of states people over the age of 60 are tax free
2006-11-27 19:24:44 · answer #2 · answered by Photographer 6 · 0⤊ 0⤋