When you take cash back with mortgage refinancing, you are actually borrowing more than you owe on your existing loan. Proceeds from the new mortgage will be used to pay off your existing loan and the difference between what you owe and ... There is no upper age limit set by HUD for the borrower. Nor is there a certain income level that the borrower must achieve in order to buy a home at a certain price. And although income is certainly an important factor, it is simply one of the several determining factors which are used by the HUD to find whether the borrower will be able to repay the mortgage.
