2007-03-09 06:23:17 · 11 answers · asked by Jay Rod 1 in Business & Finance ➔ Personal Finance
See if you are eligible for a reverse mortgage - basically, the bank sends you a check every month as they buy part of your home equity from you and you get to keep living there. A job and good credit are not requirements, although I believe you have to be a senior. See the source section below for a good overview of reverse mortgages.
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2007-03-11 17:54:14 · answer #1 · answered by jtlyr 3 · 0⤊ 0⤋
Home equity line of credit would suit you:
Home equity loans have different flavors that you can go for and be approved. When you submit an application for a home equity loan online, you can choose between a line of credit, a fixed loan, or a 125% loan. The line of credit is advantageous if you need money at a certain time in the future and the quantum of loan needed is undecided. This is good if you are expecting expenses like your children’s college fees. A fixed loan option is ideal if you know the amount of money required and would like to borrow only once. A 125% loan is meant for people looking to consolidate debts but do not yet possess a great amount of equity in their home. The 125% loan lets the borrowers use maximum of 125% of the property value and generally carry a fixed interest rate.
2007-03-09 22:31:05 · answer #2 · answered by mey t 2 · 0⤊ 1⤋
A loan might be a little hard to come by as you aren't currently employed. However there is such a thing as a reverse-mortgage that you may want to look into. Basically you put up the deed to your house as collateral and a mortgage company or bank pays you a monthly check against your home to be paid back at a later date. Not the wisest of choices but it's there if you decide to go eith it.
2007-03-09 06:30:50 · answer #3 · answered by jeff_marasso 3 · 0⤊ 0⤋
No. You have to have a way to pay them back. You can't borrow $100,000 and then use that money to pay the mortgage. You may just get yourself into deeper financial trouble. I strongly advise that you find another way to get yourself back on your feet. Otherwise, you may end up losing the house. Please, do not trust any broker who is willing to give you a loan. He/she's just looking to get a big commission and your home when you fail to pay.
2007-03-09 09:04:37 · answer #4 · answered by ? 3 · 0⤊ 0⤋
yes you could but thats not a smart move...how would you pay it back? You dont work and you have bad credit. You'll end up Homeless and in the soup line. Be thankful for what you got.
2007-03-09 06:32:59 · answer #5 · answered by xoxoxoxoxoxoxoxoxo 3 · 0⤊ 0⤋
Yes. As long as you (a) dont borrow more than 50% of the value of the place, and (b) have enough money to cover all the closing costs yourself - they will lend you the money no problem. AND if you give them a sob story - medical illness or something like that and ASK for it, you can even defer the initial payment by 6 months or more.
2007-03-09 06:28:18 · answer #6 · answered by MrKnowItAll 6 · 0⤊ 2⤋
You could probably get away with a HELOC (Home equity line of credit) based on the value of your house. This may be possible seeing as though they can put a lein on your house if you don't pay up.
2007-03-09 06:47:41 · answer #7 · answered by Anonymous · 0⤊ 2⤋
Short answer... No.
Long answer...It depends on how much equity is available, and if you have any assets. If you do have equity and some assets then someone may lend on your home, but you won't like the rate.
2007-03-09 06:28:53 · answer #8 · answered by deron_white 1 · 1⤊ 0⤋
NO, you must have income to show you can make the payments. I doubt anyone will give you a loan.
2007-03-09 07:09:32 · answer #9 · answered by devilgal031948 4 · 1⤊ 0⤋
hmm, check it with NHBS, Inc, Im not sure but my aunt got loans assistance from them and said they have very flexible loans programs
2007-03-09 07:51:13 · answer #10 · answered by Anonymous · 0⤊ 0⤋