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I'm a 71 year old retired homeowner with two homes and in the market to refi my primary residence for $120K cash out of equity to repair and remodel both properties for senior access. I've lived in my primary home since 1982. It was appraised at $232K in 2013, my current interest rate is 3.50% and my current balance is $44K, my 2nd home is paid for and worth $75K. My credit score is 670, my monthly bills are $1800, my monthly income is $2K and my assets are +$120K. I don't want a HELOC because I don't want 2 mortgage payments/month and I'm thinking of using one of these propeties as a rental property in the future. Will lenders require a co-signer on the loan? What usually triggers a lender to require co-signers on loans?
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