best refinancing mortgage rate
loan available to older people, used as a way of converting their home best refinancing mortgage rate (the value of their home, minus the amount of mortgage(s)) into a cash payment (or series of payments) while retaining ownership of the property. To qualify for a reverse mortgage in the United States, the borrower must be at least 62 and be able to pay it off an existing mortgage with the proceeds from the reverse mortgage and if needed, additional personal funds. The amount any best refinancing mortgage rate homeowner is eligible for depends on their age and the Federal Housing Administration (FHA) appraised value of the home. The best refinancing mortgage rate of the home may also have an impact. Reverse mortgages allow the home owner to continue living in the home, and allows repayment of the loan to be deferred until the borrower is no longer living in the home. In the United States, best refinancing mortgage rate proceeds of the loan are tax-free, there are no minimum income requirements, and for most reverse mortgages, the money can be used for any purpose. The Federal Housing Administration best refinancing mortgage rate begun as part of the New Deal in 1934. It guaranteed private home mortgages (FHA loans) and provided funds to promote housing construction, especially for poorer people. Income and credit ratings are not considered by lenders when granting reverse
best refinancing mortgage rate
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