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Our home is almost paid off, worth it to do VA cashout?

I know reverse mortgage is an option but theres nothing through VA so a cashout is the only option for getting some equity out? by ken.n.dina784623539 from New Point, Virginia. Nov 24th 2014 Reply


The Wallace's (sarah@priorityfin.com)
#93 ranked lender in Virginia - 5 contributions

If you are looking to get cash out from the VA you will have to do a VA cash out loan. If you are looking to just get equity out you can do a home equity line of credit with a bank. Please let me know if you have any other questions. I can also be reached at Sarah@priorityfin.com or 540-318-8811.

Nov 24th 2014
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#2 ranked lender in New York - 2,237 contributions

You should definitely sit down with a mortgage professional to discuss your goals. Once a clear objective is determined a mortgage professional will then be able to lay out all of your options and help you decide what the best loan product is for you.

Nov 24th 2014
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,568 contributions

The VA loan is a great program, but it shines the most on a purchase loan with a low or no down payment. It also shines as it allows up to 100% cash out on a refinance. A reverse mortgage has no payments, while a traditional VA would have payments.

Nov 24th 2014
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,045 contributions

It really depends on whether or not you want to make payments.. with VA you can do 100% cash out refinance, but you will have to make payments.. with a reverse mortgage, you might only be able to pull out 65%, but you will never need to make a payment.. which is better for you? Only you can say... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Nov 24th 2014
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