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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: How To get a second mortgage Posted by Ward-CA- on September 18, 2001 at 10:41 AM In Reply to: How To get a second mortgage posted by Frances POllard on September 18, 2001 at 9:34 AM : I have alot of equity in my house and I have just started forclosure and I was wondering if I would be able to get a second mortgage to pay off some of my debts. =•=•=•=•=•=•=•=•=•=•==•=• Frances, the primary key to getting a loan at a reasonable rate and terms is to demonstrate a dependable capacity to repay on time. But by being in foreclosure you’re demonstrating the opposite, an inability to repay as promised. Perhaps you should be looking for a different type of mortgage—a reverse mortgage, also known as a Home Equity Conversion Mortgage (HECM). It’s set up for someone (62+ years old) with lots of equity who needs to start pulling some of that equity out every month to help them make ends meet. It is a loan against your home that requires no repayment as long as you live there. It works just the reverse of a traditional loan. The loan company makes you a payment every month for the rest of your life as long as you continue to live in the home. Once you die or move out the house is then sold to pay off the reverse mortgage balance. Anything left over would to your heirs. To learn more about the HECM click on the link below. Reverse Mortgage Faqs Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : I have alot of equity in my house and I have just started forclosure and I was wondering if I would be able to get a second mortgage to pay off some of my debts. : =•=•=•=•=•=•=•=•=•=•==•=• : Frances, the primary key to getting a loan at a reasonable rate and terms is to demonstrate a dependable capacity to repay on time. But by being in foreclosure you’re demonstrating the opposite, an inability to repay as promised. : Perhaps you should be looking for a different type of mortgage—a reverse mortgage, also known as a Home Equity Conversion Mortgage (HECM). It’s set up for someone (62+ years old) with lots of equity who needs to start pulling some of that equity out every month to help them make ends meet. : It is a loan against your home that requires no repayment as long as you live there. It works just the reverse of a traditional loan. The loan company makes you a payment every month for the rest of your life as long as you continue to live in the home. Once you die or move out the house is then sold to pay off the reverse mortgage balance. Anything left over would to your heirs. : To learn more about the HECM click on the link below. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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