She made some bad choices about 3 years ago with using an ARM and since she has a fixed budget, her mortgage rate continues to rise every year.
2007-08-07 12:47:00 · 6 answers · asked by Need2No 1 in Business & Finance ➔ Renting & Real Estate
She made some bad choices about 3 years ago with using an ARM and since she has a fixed budget, her mortgage rate continues to rise every year.
**She looked into the Reversal Mortgage, however, they told her that she did not have enough equity built up.
2007-08-07 13:06:25 · update #1
you should see if she qualifies for a reverse mortgage. that will pay her to stay living in that house. this only available to seniors over 60, but they have to meet certain criteria. look into it.
2007-08-07 12:57:01 · answer #1 · answered by syntheticmynd 3 · 0⤊ 0⤋
Have her check into what is termed a "reverse mortgage."
Since many lenders are filing for bankruptcy. It's hard to get
a loan at all. The reverse mortgage lets the mortgage comp-
any buy the home and pays you monthly until you die. You as
a grand child, will not enherit the home because, it now
belongs to the mortgage company. But she will not lose her
home while living.Check into it as an option. <}:-})
2007-08-07 20:04:33 · answer #2 · answered by Anonymous · 0⤊ 0⤋
How is her credit? If her score is decent, she should be able to refi with a fix rate. Contact a mortgage broker to see what kind of deal is possible.
Even at 70, she could qualify for a refi. Just make sure someone checks over all the paperwork so she doesn't get screwed with another bad deal.
2007-08-07 20:28:06 · answer #3 · answered by bdancer222 7 · 0⤊ 0⤋
Have you looked at a reverse mortgage?
2007-08-07 19:54:53 · answer #4 · answered by Anonymous · 0⤊ 0⤋
The reverse mortgage would be her best bet, you can help her fill out the papers.
2007-08-07 20:05:28 · answer #5 · answered by Elsa D 6 · 0⤊ 0⤋
I concur, have her look into a reverse mortgage.
2007-08-07 20:02:40 · answer #6 · answered by godged 7 · 0⤊ 0⤋