Florida retiree Leroy George had unpaid bills piling up and wanted to fatten his emergency savings account. Those financial goals spurred him to tap his home equity through a cash-out refinance. But George learned he could borrow no more than 80 percent of his home’s value via a conventional mortgage cash-out refi. That wouldn’t be enough for his needs.
George spent more than 17 years in the US Navy, and his military service qualified him for a loan through the US Department of Veterans Affairs (VA). VA mortgages and refis offer many generous benefits, including the ability to finance or