2nd mortgage a bad idea?
my boyfriend's grandfather 75 years old has decided to get a second mortgage on his house. the house and property are worth about $700, 000. he said he's getting $35, 000. he has really bad credit. he always buys crap off the infomercials and then never pays for it. he owes Comcast about $300, etc. he has no job, no savings and bad spending habits. he gets social security every month. he has a truck he has to pay for. what are the pros and cons? will he be able to afford this or may he eventually lose the house? he is avery stubborn man. he has a history of saying " you, i'm not paying that bullshit, etc. " i think he wants the money to have cash to splurge with, i. e. go on vacation, loan some to his granddaughter for school, and other odds and ends. he may have the interior of the house painted. right now, my boyfriend and i are paying about $900 / mtnh for the smallest room in the house but we're moving into our new home on the 15th of sept, b / c his grandfather isgetting this money and doesn't need us anymore, so he'll be even more broke than usual. i'm pretty sure he's screwed but he won't listen to any reasoning. he is kicking us out b / c he feels like he'll be in financial heaven without us and doesn't need us to over - pay rent anymore- If he can afford it and will pay for it fine. I have to say I have gotten a 2nd mortgage on 2 of my houses and will NEVER do it again. You end up sending it on this that you do not need. It really depends on the situation though
- You are right to worry. If he buys stuff with a credit card, they can not take his house. If he borrows a mortgage and doesn't pay, he loses the house. /
- It doesn't sound like he can afford it. At his age, he should look into a reverse mortgage. See the AARP web site below for an explanation. Then if he likes the idea, he get the reverse mortgage from his bank - not someone advertising here or on the radio
- 2nd mortgages are not bad by definition. A 2nd mortgage implies there is a 1st mortgage somewhere, correct? As long as the mortgages are getting payments, you will not lose the house. Thouse without more income than social security, I think it would be somewhat difficult to gain access to a lender / bank which is willing to loan a 2nd. More on losing the house. It is more difficult for a 2nd mortgage to initiate a foreclosure than for the 1st mortgage to take action to foreclose. 2nd mortgages are okay if: - you have shorter term need as interest rate is usually higher compared to a 1st mortgage, and can pay the monthly payments religiously. - you take the cash money for a higher return investment Otherwise, think about refinancing the 1st mortgage for a higher amount and get some cash on hand
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Knowledge Base: Bad Credit Second Mortgage
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2nd mortgage a bad idea?
my boyfriend's grandfather 75 years old has decided to get a second mortgage on his house. the house and property are worth about $700, 000. he said he's getting $35, 000. he has really bad credit. he always buys crap off the infomercials and then never pays for it. he (bad credit second mortgage)
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we got one to pay off credit card debt. the interest rate is way, way lower than the credit cards, and the term of the 2nd mortgage is 10 years. what's wrong with that? i wanted to add, i feel the loan officer was not forthright in explaining that this (bad credit second mortgage)
