Asked 7/16/2011
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What does the term Adverse Remortgage mean? I am trying to study the general laws about mortgages, and i came across this term adverse remortgage, and could not understand what this means. Can anyone explain me the meaning of this term? |
Answer 1/2 - Submitted 7/16/2011
An adverse remortgage is a program that allows homeowners with less than good credit to remortgage the property they already own.
It's essentially the same thing as a refinance but this program is specifically for homeowners with credit problems. They are trading their present mortgage for a new mortgage with the intention of lowering the payment by getting a fixed interest rate or a better interest rate then what they had.
Normally a person wishing to refinance to get a lower monthly mortgage payment would refinance their mortgage but the approval is based on their credit history and credit worthiness. This adverse remortgage is the same but it is specifically for those who would not qualify for a standard refinance.
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