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I work and specialize with this scenerio everyday. I'm locally licensed. Feel free to contact me anytime. Ph. 704-724-2024

Which is better, a cash-out refinance or a second mortgage?
Generic Answer due to limited information: Short term the 2nd mortgage. Long term will be the cash-out 1st mortgage.

Harp
Done

My parents just retired - should I set them up with a reverse mortgage?
Reverse mortgages are not a one size fits all solution for seniors. I suggest starting with where FHA makes the borrower(s) begin anyway. Find the your local FHA approved reverse mortgage counselor. This is not a sales meeting with a loan officer where you hear everything you want. This is mandated by FHA...

Is there any benefit to PMI?
YES: Home ownership for folks that desire down payments of less than 20%. PMI is still cheaper than transferring your future wealth to a landlord.

How can I purchase a home with low down payment for my son who does not have good credit. I already own a home.
Begin with repairing and rebuilding his credit. Figure out the costs in dollars and time. Beware of credit repair scams. Start moving forward from there... You can only help with purchasing power/income, not credit profile/scores.