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Home Refinancing Article
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Finding the Right Refinancing Home Loan Designed With Seniors in Mind
from: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.
Home Refinancing Specific links
Home Refinancing News
Obama presses Congress on home refinancing - USA TODAY
 USA TODAY | Obama presses Congress on home refinancing USA TODAY By Richard Wolf, USA TODAY President Obama is urging Americans to press Congress to pass his latest home refinancing plan -- something he admits will be difficult to do. "In order to lower mortgage payments for millions of Americans, we need Congress ... Obama proposes home refinancing plan Obama Says Home-Mortgage Relief Plan Will Eliminate US's 'Biggest Drag' President Obama: A plan to help responsible homeowners |
Home Affordable Refinance Program (HARP) is Music to Consumers' Ears - Patch.com
Home Affordable Refinance Program (HARP) is Music to Consumers' Ears Patch.com In the address, he highlighted some key aspects of the revamped Home Affordable Refinance Program (HARP). In a recent White House Press Release, information is covered on Refinancing Help for Homeowners. The Release details the aspects of the improved ... President Obama urges passage of home refinancing plan for lost equity ... Lenders prep for influx of refinance applications |
Obama Makes Push for Home Refinancing Aid - Fox Business
 Politico | Obama Makes Push for Home Refinancing Aid Fox Business The White House said the refinance program would be run by the Federal Housing Administration. The FHA has already been hard hit by rising defaults on mortgages it had insured, and its cash reserves reached a record low last year. Obama to detail broader housing refinance plan Mortgage Relief Plan Aims at Refinancing Obama mortgage plan looks dead on arrival |
Refinancing: Time to Act? - Wall Street Journal
 Wall Street Journal | Refinancing: Time to Act? Wall Street Journal By JESSICA SILVER-GREENBERG Mortgage rates have been hovering at historical lows for months—but some homeowners are waiting for even better deals before they take the plunge and refinance. Associated Press Townhouses in Beaverton, Ore. 85 Percent of Refinancing Homeowners Maintain or Reduce Mortgage Debt in ... With Rates This Low, Should You Refinance Again? 'Cash-in' Refinancing to Lower Mortgage Debt at 26-Year High |
Mortgage Refinance Rates: 15 Year Refinance Mortgage Rates at 3.29% - MonitorBankRates.com
 MonitorBankRates.com | Mortgage Refinance Rates: 15 Year Refinance Mortgage Rates at 3.29% MonitorBankRates.com Mortgage refinance rates on 30 year conforming home loans are averaging 3.98%, unchanged from yesterday's average 30 year mortgage refinance rate. Mortgage refinance rates today on 15 year home mortgage loans are averaging 3.29%, down from yesterday's ... |