It is hard to refinace your home even with millions in equity for retirees on fixed income for 300k?
Monday, January 23rd, 2012 at
8:26 pm
Finacing / refinacing rules are so much out of line that one who has million in home equity and more in investments cannot refinance a mere 0,000 Mortgage loan if he is retired and has fixed income. Why?
Tagged with: home equity • investments • mortgage loan
Filed under: Fixed Home Equity Loan
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He has to have the ability to repay the loan. No matter how much equity there is there has to be income to write that monthly mortgage check. Unless the retiree is earning at least 80k a year there will be no loan. It would be stupid to borrow money that is impossible to repay..