Home Equity Line of Credit
How is it possible to refinance a loan when debt to income is not what banks want, even though home is paid for, and have over $400,000.00 liquid, also numerous retirement accounts.
Terry Says
Well, something doesn't ring true here. Are you retired, with no current income to show a bank? What kind of loan do you want to refinance? Why aren't you using some of that liquidity to pay off the loan, or a good part of it, so you don't have to pay so much interest? Banks aren't allowed to include retirement accounts as "assets" for the purpose of a loan -- because they can't "attach" a retirement account if you don't pay. I hesitate to tell you that if you're over age 62, you could take money out of your home via a reverse mortgage. But that would put your most precious asset at stake to carry a debt doesn't make sense. Please write back with more details.
