Reverse Mortgage

Mike asked: Why do you pay a subordination fee when refinancing, when your refinance does not include your home equity loan?

nikunjd05 asked: Is it possible to pay off the mortgage with an home equity loan if the APR is less than what I am paying right now? I understand that if I refinance, there are closing costs and for home equity loan, there are none, am I correct? What are the advantages and disadvantages of [...]

Tom asked: Need cash..I’m not sure if I get a Home Equity loan or refinance..I have a 5/2 ARM with 4.37 APR. 2 years left before the rate is adjusted. The value of the house gone up to 60K. Can you advise?

Love asked: I took a home equity loan out a while ago and in this market, my equity has dropped considerably. If I were to sell my home, I could pay off my 1st mortgage, but I’d still have a balance of about $30,000-$50,000 on the 2nd mortgage. Do lenders transfer 2nd mortgages to a [...]

M.G. asked: My sister has a house with her name only on the title and a home equity loan with a line of credit. Now, she wants to add myself and my brother to the title only and it will be a Joint Tenancy Title. My brother feels that if I am listed on the [...]

wonderer asked: I recently inherited a New England farmhouse assessed at $400,000. The roof needs to be replaced along with plumbing, electric etc. My credit is in the low 600 range and I am not working, as I am a full time student. I am a disabled vet so I do have a set income [...]

sdavid79 asked: I’m interested in buying an invesment property but the home needs a little work. I’d like to get a Home Equity Loan to cover some of the renovation costs. Would I be able to get a Home Equity Loan immediately after closing on the mortgage? If not how long must I wait before [...]

Melissa asked: We were put on the deed of a home while we were “renting to own” (1 yr) then all of a sudden the landlord wanted the rest of the cash. So we got out a home equity loan with the house to pay him what we owed him. Would this qualify us for [...]

manofachallenge asked: How long do I have to own my home to get a home equity loan? Wanna get one, but not sure if they can give it to me, because I’ve been in the house for 5 years. Are there some limits? Would appreciate your help. Ivan.

batman asked: single family house, paid cash 45k worth 97k, trying to extract equity. Unclear on mortgages vs. home equity loan.