Is it wise to refinance your home to get rid of credit card debt?
October 19, 2008 - A second mortgage means you'll eat into the equity you've built up in your home. I've seen several studies that show this isn't smart. I've also seen studies which show that many ...
One benefit to doing this is by taking out a loan against your home, the interest may be tax deductible and you would not be paying high interest credit card fees. I would ONLY consider this as an option if you are certain that you are not going to turn around and rack up the credit card bills again!!!
It depend on several factors ... 1) Interest rate you are currently paying on home (Rates are low right now, like 5.5% ... 2) The amount of credit card debt you are in ... 3) How much real equity you have in your home ... I would get with a financial planner and let them assist you in grouping all your debts into one payment. And I am not talking chapter 13 or 11.
If you're talking about reducing the interest rate on your existing mortgage; Sure. ... If you're talking about taking out second (additional mortgage)no, no, no. ... A second mortgage means you'll eat into the equity you've built up in your home. I've seen several studies that show this isn't smart. I've also seen studies which show that many who, take out a second mortgage to pay off debt, build that debt up again and are then saddled with two mortgages and a similar debt load. ... Refinancing an existing mortgage-of course. ... Taking out a second mortgage-of course not.
Knowledge Base: Mortgage
How much equity is needed for a reverse mortgage?
October 19, 2008 - Category: Mortgage
i am looking into getting a reverse mortgage for my father. he lives in the miami, florida area. about a 2 years ago he refied and i want to know whether or not he will be qualified because of the last of equity. the maximum allowable for a reverse mortgage
much equity needed reverse mortgage »
Reverse mortgage?
October 19, 2008 - Category: Mortgage
i have found there is a ton of misunderstanding around reverse mortgages. 1. what do you think a reverse mortgage is? 2. how do you think it works? 3. why do you think it is good / bad? you must answer all three to be considered for best answer. reverse
Reverse mortgage »
Is there a reverse mortgage available for people less than 62 years old?
October 19, 2008 - Category: Mortgage
i am a us homeowner. instead of refinancing, i wanted to explore the possibility of a reverse mortgage. all i have seen so far is that this is only good for homeowners aged 62 or more. is there a company that provides reverse mortgages for those younger than 62?. have
reverse mortgage available people 62... »
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