Financing in 94513>Question Details

Dootiebooks, Other/Just Looking in 94513

Hello, My father requested to remortgage since my mother passes they denied him because he didn't have a steady job. he is 82 years old

Asked by Dootiebooks, 94513 Mon Feb 8, 2010

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8
There are actually a few options.

To qualify you can use Social Security, retirement funds, pensions and even dividend and capital gain income. A last option may also be a reverse mortgage depending on his goals. I would be happy to meet with you and discuss options. Feel free to call me any time.

Best Regards,
Brian
1 vote Thank Flag Link Mon Feb 8, 2010
Sounds like you are a prime candidate for a reverse mortgage. Check with Wells Fargo or Bank of America.
0 votes Thank Flag Link Tue Feb 9, 2010
Contact a Certified Mortgage Planner in your area. They are well versed in creative financing. Click on the link and find one in your area. http://www.cmpsinstitute.org/

So sorry to hear the loss of your mother and I hope your father gets the help that he deserves in this difficult situation!
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Web Reference: http://www.soreal.biz
0 votes Thank Flag Link Tue Feb 9, 2010
Dootiebooks,
I'm not sure what you mean by a remortgage, refinance or something else. I can give you the names of a couple of lenders that could help your father. Please feel free to contact me directly.
Best,
Erica
Web Reference: http://www.jscarealty.com
0 votes Thank Flag Link Tue Feb 9, 2010
I do not do reverse mortgages, but they may be the best option. However, make certain it appears he will be in the house for a while there are a lot of big up front charges.

Contact the county assessor on the assessed value issues.
0 votes Thank Flag Link Tue Feb 9, 2010
Here's a better explanation of reverse mortgages, at the Bankrate.com web site
http://www.bankrate.com/brm/news/mortgages/20070104_reverse_…
0 votes Thank Flag Link Mon Feb 8, 2010
I'm not exactly clear what you're asking when you say "remortgage". Is it:
1) your father wants to borrow additional funds to be added to the present mortgage, or
2) there is no present mortgage and your father now wants to borrow against the home.

The advice about a reverse mortgage is good. That is usually done where there is no present mortgage. The bank loans a fixed amount of money, using the present home as collateral to secure the mortgage. Payments on the mortgage do not come from your father's job (or other income) because there are no payments until your father passes. Then the total amount, plus interest, is paid b the sale of the home. Any left over money goes according to his will.
0 votes Thank Flag Link Mon Feb 8, 2010
You do not necessarily have to have a job, but do have to show income eveen if pension or social security. Your expenses have to be within their guidelines related to income and he has to have a good credit score. Check with a good local lender in your area for details. Your other option is fo rteh current bank to rewrite the current mortgage, call and ask for the home retention department. good luck working things out
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Mon Feb 8, 2010
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