ISAslot
Platinum Member
Okay, I'm not sure on some of the specifics, but this is really a messed up situation which should have been addressed long ago...
My parents purchased our home in 1980. They got a 30 year mortgage, and the government helps pay.
From what I have gathered, this is how the mortgage works: you pay a certain amount monthly, based on your income, and then the government pays the rest of the payment.
What sucks about this, is that the more you make, the more you pay toward the mortgage. Now this would be fine for awhile, but what happens when you want a raise down the road? It makes it pointless to get the raise, because the extra money would just go into the mortgage. What is really stupid, is even though the government aids in the payment of the mortgage, they, plus my parents, are paying it off at a percentage rate of 17.x%!
So, refinance, right? Well since my dad has not had a raise since 86? or so, if we refinanced our rates would be higher on the refinanced mortgage than it is on the current mortgage. As of now, the government helps pay for a large chunk of the payment due to the lower salary my dad makes.
I refuse to abandon hope, and I thought I would post to see if anyone had more information dealing with getting out of, or altering these type of mortgages.
My parents purchased our home in 1980. They got a 30 year mortgage, and the government helps pay.
From what I have gathered, this is how the mortgage works: you pay a certain amount monthly, based on your income, and then the government pays the rest of the payment.
What sucks about this, is that the more you make, the more you pay toward the mortgage. Now this would be fine for awhile, but what happens when you want a raise down the road? It makes it pointless to get the raise, because the extra money would just go into the mortgage. What is really stupid, is even though the government aids in the payment of the mortgage, they, plus my parents, are paying it off at a percentage rate of 17.x%!
So, refinance, right? Well since my dad has not had a raise since 86? or so, if we refinanced our rates would be higher on the refinanced mortgage than it is on the current mortgage. As of now, the government helps pay for a large chunk of the payment due to the lower salary my dad makes.
I refuse to abandon hope, and I thought I would post to see if anyone had more information dealing with getting out of, or altering these type of mortgages.
