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Refinancing A Home Mortgage Article
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Finding the Right Refinancing Home Loan Designed With Seniors in Mind
There are several ways to go about getting a refinancing home loan plan. Sometimes in life we need to have cash readily available to meet life’s ongoing financial challenges. CHIP is a Canadian Home Income Plan used for securing a refinancing home loan by way of a reversal mortgage. With a traditional refinancing home loan you pay the lender, but with a reversal plan, it pays you. The money you are able to take out from this type of refinancing home loan is made available from the equity of your home.
The CHIP refinancing home loan allows you to borrow up to 40 percent of the equity on your home without having to pay back the principal amount of the reversal loan nor the interest for as long as you live in your home. Reverse mortgages such as the CHIP have become popular in the United Kingdom, Australia, The United States, and several other countries.
The CHIP plan is offered exclusively to seniors and their spouses who are at least 60 years of age. The actual amount available to you in this type of refinancing home loan is determined by both the ages of yourself and spouse, the net worth (appraisal value) of your home, the type of home and location.
The CHIP is so versatile that it allows you to choose how you want to receive your money. You can choose a lump sum payment: a lump sum followed with cash disbursements over a period of time, a planned schedule of payments or sporadic withdrawals as the need arises.
The CHIP provides tax-free disbursements that will not affect your Old Age Pension or Guaranteed Income Supplement.
You will still have full ownership of your home. You do not lose your home by taken out a CHIP. You simply maintain your property and pay all regular fees that you had been paying prior to taking out a CHIP: such as property taxes, fire and theft insurance, and condos fees if applicable.
The amount due for repayment of the loan is only enforceable: after the death of you and your spouse, or if the home is sold, or if you and your spouse decide to move out of the house. However, you have the option to repay the refinancing home loan at anytime including in your own lifetime. In fact there are several repayment options available even for the estate to repay after the death of your death and that of your spouses. Your family will never have to worry about repaying more than the market value of your home at the time of sale. Should your descendents decide to keep the home; interest rates for repaying the reversal loan start as low as 6.25%. They will be able to meet the payments by using other funds available to them as well.
Refinancing home loan plans are an excellent way to get some needed cash to vacation, invest, pay off outstanding bills, renovate, and more. The only limitation on your spending is that you pay off any outstanding loans on your home with your money from your CHIP and keep the rest to do as you wish.
Refinancing A Home Mortgage Specific links
Refinancing A Home Mortgage News
Looking for a Home? Mortgage Rates Hit All-Time Low - Cleveland News - Fox 8
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No Drop in Refinancing Expected - NASDAQ
 Eastern Morning Herald | No Drop in Refinancing Expected NASDAQ Overall mortgage lending is expected to increase slightly this year, the Mortgage Bankers Association (MBA) is predicting, thanks to declining rates that are supporting continued demand for refinancing. The MBA today upped its mortgage lending estimate ... Mortgage applications up on refi demand: MBA Real: FHA streamline refinance gets cheaper Today's Mortgage Rates: Bank of America, Wells Fargo and PNC Bank Refinance ... |
Realtors(R) Offer Support for Bill to Help Responsible Homeowners Refinance - MarketWatch (press release)
 Bloomberg | Realtors(R) Offer Support for Bill to Help Responsible Homeowners Refinance MarketWatch (press release) WASHINGTON, DC, May 24, 2012 (MARKETWIRE via COMTEX) -- A proposed bill to streamline and align the refinance processes of Fannie Mae and Freddie Mac may soon make it easier for homeowners who are current on their mortgage payments but who have been ... Freddie Mac: 30-year mortgage rate down a tick at 3.78% Thirty-year mortgage rate falls to record 3.78% US 30-Year Mortgage Rate Falls to Record 3.78 Pct. |
HARP 2.0: Good News For Home Owners Who Are Upside Down - FreeRateUpdate.com
 The Mortgage Reports (blog) | HARP 2.0: Good News For Home Owners Who Are Upside Down FreeRateUpdate.com HARP 2.0 is not a musical instrument, but this new federal program should ring some chords with California home owners who find themselves under water with their mortgage. HARP 2.0—known officially as the Homeowners Affordability Refinance ... How many times must I buy the same house? Push intensifies to pass home-loan refinancing bill Real estate industry pushes Senate on refi bill |
Costco members can now shop for mortgages online - Chicago Tribune
 Chicago Tribune | Costco members can now shop for mortgages online Chicago Tribune Mortgages? Well, not exactly. The company is receiving a fair amount of publicity for the rollout on its website of a home purchase and refinancing mortgage product for members. But technically it's not Costco's program. It's an online mortgage ... |