Welcome to Home Refinancing Guide
Refinancing Your Home After Bankruptcy 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 Your Home After Bankruptcy Specific links
Refinancing Your Home After Bankruptcy News
The Truth About Mortgage Refinancing Revealed by Georgia Mortgage Expert - SBWire (press release)
The Truth About Mortgage Refinancing Revealed by Georgia Mortgage Expert SBWire (press release) Atlanta, GA -- (SBWIRE) -- 05/24/2012 -- It seems like everyone in Georgia is jumping on the mortgage refinancing bandwagon. Maybe you're thinking about it yourself? After all, with rates as low as they are, the promise of lowering your monthly ... |
Refinance your FHA Mortgage regardless of your appraised value or loan amount. - Examiner.com
 New Zealand Herald | Refinance your FHA Mortgage regardless of your appraised value or loan amount. Examiner.com The Federal government has recently changed its guidelines on refinancing. Homeowners who are “underwater” in regards to value in their homes can now also take advantage some of the lowest rates in 60 years, regardless of your appraised value or loan ... The Truth About Mortgage Refinancing Revealed by Kansas and Missouri Mortgage ... |
Homeowners Declaring Bankruptcy Protection Over Foreclosure Increases - Houston Chronicle
Homeowners Declaring Bankruptcy Protection Over Foreclosure Increases Houston Chronicle The online lending industry website, Reallybadcreditoffers.com has revealed homeowners are seeking mortgage refinance options to save their homes and if unable, are choosing to declare bankruptcy rather than facing foreclosure. |
The Truth About Mortgage Refinancing Revealed by Pennsylvania Mortgage Expert - SBWire (press release)
The Truth About Mortgage Refinancing Revealed by Pennsylvania Mortgage Expert SBWire (press release) Southampton, PA -- (SBWIRE) -- 05/16/2012 -- It seems like everyone in Pennsylvania is jumping on the mortgage refinancing bandwagon. Maybe you're thinking about it yourself? After all, with rates as low as they are, the promise of lowering your ... |
Five proposals to solve $1 trillion college loan crisis - USA TODAY
 USA TODAY | Five proposals to solve $1 trillion college loan crisis USA TODAY She had every intention of keeping up with her loan payments, but after a series of low-wage jobs in her field, her debt began to snowball. Tuck, a 73-year-old widow, now owes more than $136000. Her wages have been garnished and she faces losing ... |