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In the financial world, refinancing means changing the terms and conditions of a mortgage. This method is popular with homeowners in times when interest rates are unusually low. Essentially, you pay off your original mortgage with a new mortgage that has a lower interest rate than your first. The refinanced loan is a new one with a lower interest rate, allowing the homeowner to pay a lower rate of interest over the life of the original loan. Depending upon the duration of the new mortgage, refinancing may be able to reduce monthly mortgage payments substantially.
What Is Home Refinancing?
Is a Reverse Mortgage a Good Option for Me?
Reverse Mortgages are a smart retirement option for those who quality:
Homeowner must be 62 years or older
Your house is your primary residence
Not delinquent on any federal debt
You must discuss the program with a HUD counselor
What is a Reverse Mortgage?
A reverse mortgage (also known as a home equity conversion mortgage) is a type of home loan for older homeowners (62 years or older). These types of loans require no monthly mortgage payments.
You can save time and money by comparing multiple offers at once
Get up to 5 free loan offers from our network lenders
They will walk you through the loan process
A credit check may help ensure you are getting the best rate
Buying a home is a big desicion
Rent To Own
What does Rent To Own Mean?
Rent To Own (Rent 2 Own) also known as rental purchase, is a type of legally documented transaction under which tangible property, such as furniture, consumer electronics, motor vehicles, home appliances and real property, is leased in exchange for a weekly or monthly payment, with the option to purchase at some point during the agreement.
Is Rent To Own a Good Option for Me?
It Depends really. If you are interested in one day becoming a home owner and possibly even purchasing the house you are renting, then yes! Watch the video to your left and you decide!