• Question
  • My house payment is $728.00, this is rather high for my income. My Mortgage Company is Vanderbilt

    Asked by a 82 year old woman from Olympia, WA on 2/6/2013

    My house payment is $728.00, this is rather high for my income. My Mortgage Company is Vanderbilt in Tennessee. Once about 2years ago, I asked them for a refinance, they refused to refinance my mortgage.

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  • Categories: Retirement Planning, Budgeting, Mortgage Refinancing, Downsizing/Relocation, Reverse Mortgages, Housing

Answers

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  • Many homeowners your age can't refinance their homes with a traditional mortgage because they don't qualify, because traditional mortgages use Income, Assets, Employment and Credit to qualify the homeowner. A Reverse Mortgage doesn't use any of those. Instead, it uses Age, Equity, and you've got to have a qualifying property.

    The Standard variable interest rate Reverse Mortgage program with a margin of 3.0 will pay off your existing $80,000.00 mortgage, leaving you without a monthly mortgage payment, and also provides a monthly check for $2,194.14. And it isn't taxable and doesn't impact Social Security or Medicare.

    Your manufactured home must be permanently attached to the dirt, and must be built after June 15, 1976. If it's not attached to the ground, you can have the foundation installed during the loan process, and paid for from the proceeds when the Reverse Mortgage funds.

  • Login to rate this answer:   Answered on 2/7/2013
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.