Tips to Refinance a Reverse Mortgage
Why You Should Consider Refinancing a Reverse Mortgage
Here’s the thing. It is difficult to accurately predict the future. Your existing reverse mortgage may have met your needs when you took out the loan, but certain factors may have changed since then.
For example, there may be a new maximum amount that you can access (principal limit), your living situation may have changed, or your retirement goals may no longer be the same as before. Any of these can make it necessary to refinance your existing reverse mortgage
Requirements for Refinancing a Reverse Mortgage
If you already took out a reverse mortgage loan, then you shouldn’t have any problems qualifying for refinancing the loan. That’s because the requirements for refinancing a reverse mortgage are usually the same or similar to the original criteria.
How Long Before You Can Refinance a Reverse Mortgage?
Making it Worthwhile
We understand that the entire refinancing process may seem more complicated than it really is, which is why our home equity specialists are always ready to provide further information or guidance to homeowners considering this option.
The home equity conversion mortgage (HECM) may be a widely popular option for many seniors but it might be more beneficial to access a different type of reverse mortgage if your home is worth more than the HECM lending limit. We can help you determine if a jumbo or proprietary reverse mortgage is better suited to your situation.
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