1.   Parents with an existing mortgage are eligible, so long as they still own a large enough chunk of the equity.

2.   Similarly, high interest rates may discourage householders from taking on new mortgages, but existing mortgages are unlikely to be reduced.

3.   Among them are whether the existing mortgage carries a prepayment penalty and, if so, whether there is anything that can be done to avoid or minimize it.

4.   As a result, more consumers have been buying homes or refinancing existing mortgages.

5.   Additionally, the interest paid on equity loans, including the existing mortgage, is tax deductible only up to the value of the home.

6.   But new homeowners or families refinancing existing mortgages can expect to pay higher interest charges costs in the weeks ahead.

7.   Forty percent of all mortgage applications lately are from home owners who are refinancing existing mortgages to lower their monthly payments and thus free up cash for other purposes.

8.   Higher rates are starting to eat away at the market for homeowners looking to refinance their existing mortgages, Van Order said.

9.   In addition, as borrowers take advantage of low mortgage rates to refinance, prepaying existing mortgages, some lenders will have difficulty reinvesting the principal, Harting said.

10.   In fact, Ben-Ami said, to address that issue, his company now offers mortgages for whatever number of years are remaining on the existing mortgage.