Although reverse mortgages have recently gained widespread popularity, they have been around for several years. If you took advantage of a reverse mortgage in earlier years, you may benefit from a reverse mortgage refinance.
There are numerous reasons to take advantage of a reverse mortgage refinance:
- To switch from an adjustable rate reverse mortgage to a fixed rate reverse mortgage.
- To secure a lower rate on your reverse mortgage.
- To capitalize on additional equity due to home appreciation.
- To take advantage of additional equity due to the homeowner's age.
- To benefit from higher reverse mortgage loan limits.
- To change from a proprietary reverse mortgage to a federally insured reverse mortgage.
- To add an additional borrower to the reverse mortgage.
- To eliminate a borrower from the reverse mortgage.
Are You Interested In Refinancing Your Reverse Mortgage?
Reverse Mortgage Refinance Process:
- Submit a new reverse mortgage application (you may have to attend counseling again).
- A new appraisal will be done on your home to ascertain the market value.
- The reverse mortgage loan will be underwritten.
- After closing, your funds will be disbursed to you according to the option you selected.
*The flexibility of reverse mortgages allows you to change your disbursement option any time.
A Reverse Mortgage Refinance May Not
Always Be Necessary
There are circumstances in which a reverse mortgage refinance may not be necessary in order to achieve the change you are seeking. If the only feature you would like to change about your reverse mortgage is the manner in which your funds are disbursed, it may be possible to achieve this goal by speaking with your current reverse mortgage lender and paying a fee. For more information regarding whether a reverse mortgage refinance is right for you, contact a reverse mortgage specialist today for a free, no obligation consultation at (877) 221-0493.
If you come across any terms you are unfamiliar with, go to our glossary to find the definition.