I have a question about cash out refinance loan ?
Can i do a cashout refinance on my home without a job if I own my home with no mortgage payments
- Coffee DrinkerLv 73 weeks ago
If you are looking for steady cash flow by tapping into the equity in your house then you might be able to get a reverse mortgage but there are a lot of pitfalls to them so proceed with caution.
If you are looking for a one-time lump sum of cash that you will repay with monthly payments, you're going to need to show that you have a source of steady income - it doesn't necessarily have to be a job - it could be a pension or retirement account, self employment, or something along those lines, but something that is coming in steadily and can be expected to keep coming for the foreseeable future.
- Anonymous3 weeks ago
no, you don't have a job...........
- SlumlordLv 74 weeks ago
In theory, yes you can. In the actual, real world, nobody is going to give you a loan if you don't have a job (assuming you don't hve other income or tons of other assets).
- EvaLv 74 weeks ago
Highly unlikely. You need to be able to show sufficient income to make the payments. That would be difficult to do without a job.
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- Christin KLv 74 weeks ago
Maybe. You're going to have to ask your bank or financial institution. If you plan to go back to work at some time in the future, or if you plan to sell the home, you MAY be able to get a home-equity loan because you will be, in effect, signing over the house to the bank if the loan isn't repaid. You aren't doing a "refinance" loan--you have no financing to REfinance. All home-equity loans are based on the value of the home--not necessarily on the homeowner's ability to repay. They are, in effect, a mortgage.
For those scoffers--I did this. I am no longer working. I got a home equity loan on my house and before that had no mortgage. So don't think it CAN'T be done. It just depends on your situation.
- SlickterpLv 74 weeks ago
No, you of course need a way to repay a loan in order to get a loan. No job, no loan.
- R PLv 74 weeks ago
No job = no loan.
You have no way to make the mortgage payments.
- babyboomer1001Lv 74 weeks ago
Without a job - does that mean you have no income? If you don't have income, they are not going to refinance your home, because with no income, how can you make payments to repay the loan?
- JudyLv 74 weeks ago
without income, no
- curtisports2Lv 74 weeks ago
No. You must have employment income.