on mortgage and loans
Written on Friday, 10 of August, 2007 at 11:05 pm
My parents, who recently retired in the Armed Forces got a lump sum of their retirement pay to build our own house (we used to live in military provided housing). The money they got weren’t enough to finish the structure so they availed of a home equity loan. A home equity loan is sometimes referred to as a second mortgages or borrowing against your home.
Since we have to wait for another two years for their retirement pay to resume, we’re currently having some financial problems. Consequently, my mom is planning to remortgage (a mortgage which replaces a previous mortgage) to help us get through until their retirement pay resumes.
My family was hesitant about this at first. But when she informed us about also availing of a mortgage insurance, which covers your mortgage if you were ever in an accident, if you become unemployed or if you suddenly became ill and wouldn’t be able to work, we gave her our go signal.
Hopefully, with the remortgage, we’ll be able to survive the coming months.
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Category: house and home, finance
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