Posted on: 21st Sep, 2010 08:34 pm
i am in a high intrest rate mortgage and the lender won't work with me iam a 62 year old disabled widow . i need advise and help either refinance ,loan modification,or a reverse mortgage .the intrest rate is 10%. i live on a modest income , and could really use some advice!
Hi granjant!
Welcome to forums!
It will be better if you could go for a reverse mortgage. You can contact the local reverse mortgage lenders and apply for a loan. With the loan proceeds, you can pay off your existing mortgage. As far as the reverse mortgage is concerned, you won't have to make any loan payments if you stay in the property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
It will be better if you could go for a reverse mortgage. You can contact the local reverse mortgage lenders and apply for a loan. With the loan proceeds, you can pay off your existing mortgage. As far as the reverse mortgage is concerned, you won't have to make any loan payments if you stay in the property.
Feel free to ask if you've further queries.
Sussane
Why did the Lender say they won't work with you? Is it because they don't offer Reverse Mortgages for Manufactured Homes? If yes, I can help you because I can do Manufactured Homes. You'll need to be at least 62, have approximately 50% equity, the home must be manufactured after June 15, 1976 and it must be on a HUD-approved permanent foundation. If it's not on the foundation, we can have one installed and pay for it from the loan proceeds.
