Senior Reverse Mortgage | Reverse Mortgage Information and Facts

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Refinancing Your Reverse Mortgage

Although reverse mortgages have only recently gained widespread popularity, they have actually been around for several years. Those who took advantage of a reverse mortgage in earlier years may find that they could benefit from a reverse mortgage refinance.

There are a number of possible reasons to take advantage of a reverse mortgage refinance:

To switch from an adjustable rate reverse mortgage to a fixed rate reverse mortgage.
To obtain a lower rate on your reverse mortgage.
To take advantage of additional equity due to home appreciation.
To take advantage of additional equity due to the homeowner's age.
To take advantage of higher reverse mortgage loan limits.
To switch from a proprietary reverse mortgage to a federally insured reverse mortgage.
To add an additional borrower to the reverse mortgage.

Reverse Mortgage Refinance: Is Now the Time?

If you are interested in finding out whether you could benefit from refinancing your reverse mortgage, call a reverse mortgage specialist today for a free consultation at (877) 790-0019 or enter your contact information below and a specialist will contact you promptly.

Reverse Mortgage Refinance Process

A reverse mortgage refinance is similar to a traditional mortgage refinance. You must submit a new reverse mortgage application and, depending on your situation, you may be required to attend reverse mortgage counseling again. A new appraisal will be required for a reverse mortgage refinance and the loan will then be underwritten in the same way as other types of mortgages. After your closing, the funds will be disbursed to you according to the terms you selected.

Reverse Mortgage Refinance May Not Always Be Necessary

There are some 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 the funds are made available to you, 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) 790-0019.