Refinance?

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My grandparents and parents are co-borrowers on a home that my grandparents live in. My Parents have asked if I would be willing to purchase the home at a price less than appraisal because they need the cash. Because in changes in there jobs they cannot cash out refinance, or HELOC because they would not qualify. I unfortunately do not have the least of 15% down payment to purchase the home. Would there be any way of removing my parents from the mortgage and adding me. Then me and my grandparents could cash out refinance and pay my parents what they would have made had I bought it from them?? Just trying to get different options if there are any?

laphillips · Posted: Wed Jul 30, 2008 12:51 pm Post subject: Refinance?

Welcome KC,

The only way to remove someone's name from an existing loan is when the loan is closed; i.e. refinance or sale. You say you could not buy the home but obviously no one wants to put your grandparents on the street. Have you looked into the possibility of a reverse mortgage?

For a reverse mortgage there are no income or credit requirements but it is intended for seniors so the youngest buyer should be at least 62 years old.

To find out more visit HUD's website at http://www.hud.gov/offices/hsg/sfh/hecm/rmtopten.cfm

Best of Luck, Lynnette

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