How Can We Lower the Monthly payment?
My father passed away about 7 months ago, my mother ( who is not officially on the mortgage) has been making the payments on her own, however she is struggling and we don't think she can keep it up much longer. We want to keep the house, what are our options for lowering her monthly payment? by jessebml993 from New York, New York. Dec 20th 2010
Todd Tholl (toddtholl@leader1.com)
#4 ranked lender in Iowa - 239 contributions
There are many different refinanance options available to consider that may lower her monthly house payment. Give me a call to discuss. 563-324-9937 Todd Tholl
Joe Shamie (Joe Shamie)
#4 ranked lender in New Jersey - 1,412 contributions
As long as your mother is on title and can document enough income to qualify, refinancing could be a very good option for her to lower the monthly payments on the loan. We would need to compare what she is currently paying to what her new payments would be with a new loan and determine if she would save enough to make the transaction worthwhile. If you want to discuss the details, please call me at 877-662-3321 x-102. Joe Shamie.
Rudi Hofmann (CaPortfolioLoans)
#281 ranked lender in California - 380 contributions
Even if your mother can qualify on her own or with you as a non-occupying co-borrower, I suggest looking into a Reverse Mortgage. .... It will depend on your mother's age and the amount of equity in the property to see if she qualifies. .... No credit, income or health requirements. She would be mortgage payment free. .... There's good info on www.aarp.comHappy funding, Rudi
Gary Crist (coloradoreversemortgagelender)
#25 ranked lender in Colorado - 38 contributions
Hi Jesse, Who is on the Mortgage now? I just posted an article here on Lender411 about how a Reverse Mortgage can help people like you and your mom. Check it out: https://www.lender411.com/mortgage-articles/1725/Reverse-Mortgages-and-Retirement/ and give me a call 1-888-546-9927
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