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How Many Times Can I refinance My Mortgage?

The facts are that you can literally refinance
your mortgage as many times as you would like.
Although it is possible to frequently refinance
you home loan the reality is that there are a
few things that could actually stop you from
securing financing.

Lender Denial- Lenders may view a borrower who
is very frequently refinancing as a potential
fraud threat and deny the loan based on received
risk factors. This is especially true with
borrowers who are pulling cash out on a
frequent basis.

Out Of Equity- If you refinance your mortgage
to many times you may wind up using all the
equity in your home making refinancing impossible.
With falling real estate values across much
of the country this is now a very realistic
possibility for many people.

A Reverse Mortgage May Be the Answer For Seniors Needing More Cash

Seniors, age 62 and older who are looking for money for any
reason may just find themselves sitting on it.
Thousands of seniors every month are cashing in
on the equity in their homes by doing reverse mortgages.
It may be the best way for seniors to get cash without
paying income tax on the money they take out
and the seniors are not required to pay the money back.

How does a senior get approved for a reverse mortgage?
Approval is simple. Credit score or credit history
does not matter. Income doesn't matter. Credit and
income are probably the biggest factors in approving
or denying a forward mortgage but when applying
for reverse mortgage, these factors do not matter at all.
The 3 biggest factors of being approved for a reverse mortgage are:

• Loan is based on age, number of borrowers and home value.
• Must be 62 years of age for F.H.A. insured reverse mortgages.
• Must have equity in the property. Amount or percentage
of equity will vary depending on the senior's goals but
typically an equity position of 50% or greater pays more benefits.

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