Welcome to Home Refinancing Guide
What Is Refinancing A Home 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.
What Is Refinancing A Home Specific links
What Is Refinancing A Home News
California Refinancing Expert Explains New Home Affordable Refinance Program - SBWire (press release)
California Refinancing Expert Explains New Home Affordable Refinance Program SBWire (press release) California Refinancing Expert Jason Richardson explains all about the revamped government program that provides refinancing options to homeowners who owe more on their mortgage than their house it worth called HARP 2.0. Harp Loans Have Just Got Easier For Home Owners |
Mortgage Applications Up on Refinancing Rise - CNBC.com
 CNBC.com | Mortgage Applications Up on Refinancing Rise CNBC.com Applications for US home mortgages rose last week, fueled by demand for refinancings as mortgage rates hit fresh record lows, an industry group said on Wednesday. The MBA's seasonally adjusted index of refinancing applications gained 5.6 percent, ... Record-low mortgage rates spur refinancing Refinancing Up as Rates Keep Falling HARP 2.0 Drives Mortgage Refinancing to 3-Month High |
TEXT-Fitch may raise Home Credit & Finance Bank ratings - Reuters
TEXT-Fitch may raise Home Credit & Finance Bank ratings Reuters Refinancing risk appears to be limited as the bank has become mostly deposit funded (56% of total liabilities at end-2011) and liquidity risk relates mainly to potential instability of these. However, HCFB appears to have a solid deposit collection ... |
How 7 REITs Could See A Buying Frenzy Soon - Seeking Alpha
How 7 REITs Could See A Buying Frenzy Soon Seeking Alpha The effects of the last federal effort to help underwater homeowners, the Home Affordable Refinance Program (HARP), were limited, but they led to a huge increase in the number of those getting refinanced. The Hill newspaper reported that there was an ... |
Council OKs bond refinancing - Houston Chronicle
Council OKs bond refinancing Houston Chronicle Issuance of general obligation refunding bonds is analogous to refinancing a home mortgage. Jim Gilley of Coastal Securities told the council that he expects the refinance to produce a savings of at least 6.32 percent. Responding to a question from ... |