A reverse mortgage can convert your home’s current equity into cash. reverse mortgages sometimes get a bad rap, but they can be a very useful tool in your retirement and investment arsenal. They can supplement your income and assets and prevent you from depleting your other investments.
"Can I Refinance a Reverse Mortgage?" Know Your Options. Why would you refinance a reverse mortgage? Recent factors, such as current home value and FHA value limits, have changed, making it beneficial to refinance your reverse mortgage loan, especially if the value of your home has risen while value limits have lowered.
YES, you can refinance an HECM reverse mortgage. The industry refers this to an HECM to HECM transaction. HECM stands for Home Equity Conversion Mortgage; these are the FHA insured reverse mortgages that make up roughly 95% of the market.
· A Home Equity Conversion reverse mortgage (hecm), more commonly known as a reverse mortgage, is often used as a means of income for retirees. For those age 62 or older, these loans can provide.
Using a Reverse Mortgage to Stop a Foreclosure. If you can’t qualify for a refinance, another option-though not necessarily a good one-to stop a foreclosure is to take out a reverse mortgage to pay off the existing loan. The most widely available reverse mortgage is the FHA Home Equity Conversion Mortgage (HECM).
Refinancing a reverse mortgage is possible but is important to weigh the benefits against the costs of originating another loan. A general rule of thumb is that the amount of money you will receive should be five times the amount of the cost to refinance the mortgage.
Sometimes reverse mortgage needs change and, in some instances, refinancing may be a good option; however, there should be a very clear and defined benefit to justify refinancing. If you are considering refinancing your reverse mortgage, think it over, consider these factors and, if you still want to refinance, give us a call.
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– A reverse mortgage refinance consists of refinancing the current reverse mortgage into a new reverse mortgage utilizing the current up-to-date terms and guidelines. It doesn’t always make sense, but in some cases, it can mean more proceeds for the borrower.
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