Sherry asked:


With 30 year FHA loans the monthly MI is in place for the life of the loan.

Kind regards,

Geoff Johnston

Mortgage Relief Specialist

GovernmentRefinanceAssistance.com

480.219.0585 (direct)

760.888.8293 (fax)
After finding the governmentrefinanceassistance.com web site I ask this question of refinancing into an FHA loan with LTV being less than 80% would monthly mortgage insurance still be required and the answer is (yes with a 30 year loan) I wouldn’t have believed it if I hadn’t heard it from a government web site! Any thoughts?
Thanks, Sherry
The reason we went FHA is the processor told me her scores were to low to do conventional cash out refinance.

Shawn

Lizzie asked:


My home has appreciated significantly, and I’m looking to pay off my current adjustable rate mortgage and get a fixed rate loan at a lower interest rate, as well as extra money to fix it up and pay off my car loan and other bills. Also, do either cover property taxes and insurance, or will I have to pay them out of pocket? I just want to know the basics before going to the bank so I don’t feel confused or overwhelmed. Thanks!

Dustin

Juhani Tontti asked:




For a senior it is important to understand the key features of the reverse mortgage loans, before he goes on, because some lenders have done false offers trying to utilize the seniors, who do not have a full understanding about the reverse mortgage loans.

If you think the differences between the usual mortgages and the reverse mortgage loans, they are many. With the usual mortgage, the borrower has to have enough monthly income compared the loan sum and he has to pay back every month. With the reverse home mortgage loans the lenders pay to borrowers and all the costs, interests and the capital will be paid back at the closing of the loans.

1. How Much Will I Get?

Actually the reverse mortgage loans amounts depend on the interest rate, the appraised value of your home and on your age. So you will get more the older you are, the lower is the interest rate and the more valuable is your home.

2. What Happens, If I Cannot Pay?

There is one good thing. All of these loans include obligatory mortgage insurances. The idea of these insurances is to guarantee two things. First, that if the selling price of your home do not cover the whole sum of costs, the insurance will pay the difference.

This means that you will never owe more than the value of your home. Second, the lender gets his money for sure. The mortgage insurance is very important, if you think a risk that you could otherwise loose your home. This special insurance guarantees, that it will never happen.

3. What Types Of Loans There Are?

These loans are divided into three groups. In the first group there are the so called single purpose loans, which only some states, governments and non profit organizations will grant. These loans are the cheapest ones. They are used for some specific purposes only, like for home improvements.

The second class is the federally insured loans, HECMs, which are backed by the HUD. These are slightly more expensive ones, but have no income or medical limitations. Owing to higher upfront costs, these loans are recommended for a longer term use. The federal counselor meeting is compulsory. The proprietary reverse mortgage loans are backed by the private companies.

4. What Are The Costs?

Usually the reverse mortgage loans offer tax free income and they have no influence on the Medicare or social security. HECM allows the borrower to live in the nursing home for 12 months before the loan must be repaid.

Normally the lenders charge the origination fees, mortgage insurance premiums and servicing fees. All these fees will be paid when the loan will be closed and the home is sold. A borrower can select either the fixed or the variable interest rate. But remember, that you as the home owner must pay taxes, insurance, utilities, fuel, maintenance and other expenses. If you do not pay taxes or insurances and do not keep the home in good condition, your reverse loan can be due and payable. When the loan is paid, you can deduct the interests in the taxation.

Carlos

J asked:


i bought a home for 45k.in michigan i had to pay cash for it as it needs alot of work. you name it, it needed it. So i outright own the home no mortgage or anything, its all paid. i used up the rest of my cash fixing the place up and having water put in and everything, so i could take out a loan to finish everything else. I still need a roof, windows, siding etc. the next cheapest home in the neighborhood is 80k and its a pile of crap too but on avg the homes are 120+ easy. its a 3 bed 1300sq ft ranch and
the SEV value on it is roughly 50k so you would double that correct.
i think i need about 75k to fix it all

so im looking for a 75k loan to pay for everything

any ideas on what i can do ?
i have excelent credit 730 range

any one with ideas to help me out
it is my primary residence. its not in that bad of shape. but it all needs to be done. insurance co apraised it at 130k

ok 730 isnt bad for credit i over said it sry guys.

any other ideas on what i can look for im in Michigan
the house will pass an inspection too. it would pass the Fha even and theyr tough but the roof is on its last leg its about 20yrs old and they deck needs railings. i wanna tear it out all together.

any options to get the 75k i need to to it all ?

Raymond

bodyC asked:


Ok, this is unconventional - My mom is disabled. Her home was affected by Katrina. Her home is finally fixed. However, during the past two years, she’s accrued close to $100,000 in credit card bills to pay off some of the repairs since a lot the funds from the insurance and the government were not enough. Additionally, since she is disabled and receives little from the government, she has been unable to pay enough or on time. Her interest has gone up to 25-30% on 4 cards. I have good credit. I own a condo. I want to at least help her by getting a home equity loan (basically a second mortgage) even though I want to get a loan in a couple of years to buy a house. She’s considered bankruptcy with Chapter 13 in order to not jeopardize her home, which she paid off with some of the funds received from Katrina. It seems she has no way out; and I hate to be in this situation from my own financial balance. What can be done? She needs serious help; and I don’t want to jeopardize my credit.

WESLEY

Marsha Claire asked:


Few of us are familiar with the idea of selling our household items to earn money—if you’re not too sure, let’s take a recap. Ever remember having your furniture items sold in a garden sale? Ever sold things from your home to earn a little extra cash? Well, not most of us but there are some who can certainly relate to these situations. These are little instances that put us in the ‘dire need of money’ category. Why not use a slightly different concept to make your money instead? —Take a Home Equity Loan!

Taking a Home Equity Loan is like taking what’s rightfully yours. Home Equity Loans can be taken by homeowners only. They involve borrowing money against your home; for which you do not have to sell your house. Most of us live in houses that are bought on mortgage—partly paid for and the remaining still on repayment. The value of your home is the equity it holds.

In a Home Equity Loan, homeowners can borrow money against that value of the house that has already been paid for. You can estimate this amount by calculating the current value of your home and taking away from it that value that you currently owe through your mortgage. Typically, you would stand to get 80% of the amount already paid on your home and not a full 100%. However, there are 125% Home Equity Loans too, where you can even get 125% of the value that you have already paid on your home. These loans would typically charge a higher interest rate compared to Home Equity Loans offering 80% of your home’s paid value.

A Home Equity Loan is therefore taking what’s already yours! What better than to borrow against your own assets?

The money obtained from Home Equity Loans can be put to use for any purpose you think important. It can be used to pay up your outstanding bills, pay your insurance premium, make your credit card payment, medical bills, etc. Although the money can be used in any direction you think necessary, it is important that you use it to clear your dues and not for a luxury vacation. Borrowing money against you home may be simple, but taking advantage of easy opportunities would be silly. Ensure that you use this money to repay a bill or make an urgent payment. Remember that you are paying interest on the amount you borrow, so make sure it’s for the right reason.



CLAY

nsde12 asked:


Trying to get a Home Equity loan and my husband has passed away but still on the loan how do I go about removing him off it? Thanks
Ok that is the way i am going but the bank i am gettign the loan from is telling me I must by title Insurance for the loan amount or have to do a porbaited will to get him off and that is the texas law? Is that for real or just a way to make money?

DONOVAN

Johnboy asked:


My wife started dating while we were still married. I found out and left the house in October. We have filed for divorce. I am still paying for the cars, insurance mortgage, home equity loan plus my own bills. I don’t enough to get my own place so I am staying with my mother in another state. She was supposed to pay the utilities while she is there plus her own credit cards and student loans. the house will be put on the market come January. She is yelling at me because of the state of her finances (little to non existant (and she has had since september to know this was coming) and that I have not helped with the maintenance of the house. When I left I told her she and her new boyfriend would have to do it. She is threatening to sell the stuff I still have at the house and that the houses state of disrepair is my fault. Is she whacko?

EZRA