7 Refinancing Programs for Seniors - Total Mortgage Blog
Abstract
Regardless of your age, the decision to refinance is a big one, and you should consider all of your options before settling on one, but is it the best choice for a senior? Reasons to Refinance for Seniors If you're living on a limited retirement income and already paid off your mortgage, you may wonder why you would want to refinance during your golden years. Find a Total Mortgage expert near you! 7 Refinancing Programs for Seniors Many retirees and those over the age of 60 worry that they won't be able to qualify for a mortgage because of their reduced income. Cash-Out Refinance Refinancing your mortgage to take cash out of your home's equity is a common strategy for retirees who want to improve their financial standing and quality of life during their golden years. VA Interest Rate Reduction Refinance If you are a qualifying veteran, member of the armed forces, or surviving military spouse and already have a VA loan, you may be eligible to refinance into a loan with a lower interest rate. Fannie Mae Refinancing Programs Specifically designed for low-income borrowers, Fannie Mae has two major refinancing programs that may suit your needs. Existing borrowers with mortgages backed by Fannie Mae may be able to refinance into lower interest rate HomeReady mortgages if they meet the program's requirements. Freddie Mac Refinancing Programs The Freddie Mac refinance program may be helpful if you're underwater on your mortgage but don't meet the requirements for a traditional refinance because your loan-to-value ratio is too high.
