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Cash-Out Refinance

A refinance transaction where the amount of money from the new loan is greater than the total of the money needed to repay the existing first mortgage, closing costs, points, and the amount required to satisfy any outstanding subordinate mortgage liens.

A refinance transaction where borrower receives additional cash that can be used for any purpose.

Many folks ask: HELOC vs. Reverse Mortgage
Cash out refi vs. Reverse Mortgage is similar question

Read the Reverse Mortgage Page to learn differences

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This entry was posted on Wednesday, April 29th, 2009 at 10:21 am and is filed under More Information, Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

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