REFINANCE YOUR REVERSE MORTGAGE
Did you know you can refinance your reverse mortgage?
While refinancing is a popular tool for improving the terms of traditional (or forward) mortgages, it’s also an option if you have a reverse mortgage. When you refinance a reverse mortgage, you essentially trade in your existing loan for a new—and, ideally, better—one. The new mortgage could be either another reverse mortgage or a traditional (or forward) mortgage.
If your home value has increased you may be eligible to refinance and get access to more home equity.
Refinancing now may allow you to:
ACESS MORE HOME EQUITY
POSSIBLY LOWER YOUR INTEREST RATE
aDD ELIGIBLE SPOUSE TO THE LOAN
INCREASE LINE OF CREDIT
- Must be 62+ or older
- Property must serve as primary residence
- Must maintain the property and keep current on property taxes, insurance, and any HOA fees
By refinancing your current loan your finance charges may be higher over the life of the loan