Home Refinancing Guide

Current Home Refinancing Rates Section


 

Current Home Refinancing Rates Navigation

Main Home Page
Partners
Tell A Friend about us
Home Mortgage Refinancing Loan |
Home Loan Refinancing |
Mobile Home Refinancing |
Home Equity Loan Refinancing |
Refinancing Home Mortgages |
Refinancing Home |
Refinancing Your Home |
Manufactured Home Refinancing |
Home Equity Loan Refinancing |
Bad Credit Home Refinancing |

List of Home-Refinancing Articles

Current Home Refinancing Rates Best seller

Buy it Now!



Best Current Home Refinancing Rates Products



"Legit Online Jobs" - Click Here To Start Earning Today!


Ovation Credit Services
Check out Ovation Credit Services ... Fix your credit profile today! Ovation specializes in credit report repair. This is an awesome program. They get fantastic results and you'll be amazed at the low monthly fee. Highly recommended!


"How To Get A Mortgage"
Terrific resource on obtaining a mortgage, even if you've been foreclosed or filed bankruptcy. On sale now for only $10.00!


Click Here!


Loan Officer 101 Loan Officer Training. Learn How To Make $100,000 Per Year As A Loan Officer With This 18-lesson Training Program, Complete With 28 Marketing Ideas - Now Is The Time To Prepare For The Next Wave Of Lending!

Click Here!


Personal Loans & Visa Approved At Abacus
Offering Personal Loans, Credit Cards For The Credit Impaired.


Click Here!


Mortgage Secrets For Investors
Mortgage Secrets For Real Estate Investors E-book. Stop Getting Bullied By The Banks And Start Closing Your Investor Loans!

Click Here!


Bad Credit Personal Loans Regardless Of Bad Credit - Up To $25,000
Click Here!



Sitemap



Social bookmarking
You like it? Share it!
socialize it

Newsletter

Subscribe to our newsletter AND receive our exclusive Special Report on Home-Refinancing
Email:
First Name:



Main Current Home Refinancing Rates sponsors


 



Newest Best Sellers


 

Welcome to Home Refinancing Guide

 

Current Home Refinancing Rates Article

Thumbnail example. For a permanent link or to bookmark this article for further reading, click here.

Finding the Right Refinancing Home Loan Designed With Seniors in Mind



There are several ways to go about getting a refinancing home loan plan. Sometimes in life we need to have cash readily available to meet life’s ongoing financial challenges. CHIP is a Canadian Home Income Plan used for securing a refinancing home loan by way of a reversal mortgage. With a traditional refinancing home loan you pay the lender, but with a reversal plan, it pays you. The money you are able to take out from this type of refinancing home loan is made available from the equity of your home.

The CHIP refinancing home loan allows you to borrow up to 40 percent of the equity on your home without having to pay back the principal amount of the reversal loan nor the interest for as long as you live in your home. Reverse mortgages such as the CHIP have become popular in the United Kingdom, Australia, The United States, and several other countries.

The CHIP plan is offered exclusively to seniors and their spouses who are at least 60 years of age. The actual amount available to you in this type of refinancing home loan is determined by both the ages of yourself and spouse, the net worth (appraisal value) of your home, the type of home and location.

The CHIP is so versatile that it allows you to choose how you want to receive your money. You can choose a lump sum payment: a lump sum followed with cash disbursements over a period of time, a planned schedule of payments or sporadic withdrawals as the need arises.

The CHIP provides tax-free disbursements that will not affect your Old Age Pension or Guaranteed Income Supplement.

You will still have full ownership of your home. You do not lose your home by taken out a CHIP. You simply maintain your property and pay all regular fees that you had been paying prior to taking out a CHIP: such as property taxes, fire and theft insurance, and condos fees if applicable.

The amount due for repayment of the loan is only enforceable: after the death of you and your spouse, or if the home is sold, or if you and your spouse decide to move out of the house. However, you have the option to repay the refinancing home loan at anytime including in your own lifetime. In fact there are several repayment options available even for the estate to repay after the death of your death and that of your spouses. Your family will never have to worry about repaying more than the market value of your home at the time of sale. Should your descendents decide to keep the home; interest rates for repaying the reversal loan start as low as 6.25%. They will be able to meet the payments by using other funds available to them as well.

Refinancing home loan plans are an excellent way to get some needed cash to vacation, invest, pay off outstanding bills, renovate, and more. The only limitation on your spending is that you pay off any outstanding loans on your home with your money from your CHIP and keep the rest to do as you wish.






Other Current Home Refinancing Rates related Articles

Home Refinancing
Home Equity Loans Refinancing
Manufactured Home Refinancing
Home Mortgage Refinancing Loan
Refinancing Home Loans

Do you want to contribute to our site : submit your articles HERE


Current Home Refinancing Rates Specific links

Current Home Refinancing Rates News