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Know the different mortgage relief options so you can make the best choice.
This is the plan everybody is talking about since the passage of the CARES Act. It's an agreement with your lender to temporarily delay regular payments. It is not a payment holiday. When the forbearance period ends, the postponed payments will be due all at once, or in a payment plan spread out over time. Caution: this could have an impact on your ability to refinance your loan later. Watch this video for more information.
This is a legal process that alters the terms of your loan.
This is a plan that allows you to postpone your payments for a time then pay them at the end of your regular loan term. "Deferment" and "Forbearance" are often used interchangeably, but they are different. A deferment is more beneficial for many because it eliminates the need to make up multiple payment at the end of a short postponement period. Deferments are not available from all servicers.
Cash Out Refi
If you still have enough income to qualify, accessing equity in your home by refinancing may be a good option for lowering your payments, consolidating debt, and/or creating a cash cushion. A refi will be especially beneficial if current rates are lower than those on your existing financing.
Click here for more information on refinance.
If you are age 62 or older, you maybe able to live in your home and not make a mortgage payment. Also known as a HECM, this loan allows seniors to keep their primary residence and not make a payment for as long as they live in the home. In some cases, the equity in your home can also provide you with a monthly income or a one-time cash payment, or a combination of both. Click here for more details.
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