Reverse Mortgage Refinance

Reverse Mortgage

Enhancing Your Financial Security With a Reverse Mortgage Refinance

  • A reverse mortgage refinance allows you to turn the equity in your home into usable funds.
    • Home Equity Conversion Mortgages (HECM loan program) are insured by the Federal Housing Administration under the U/S. Department of Housing and Urban Development.
  • They are subject to specific rules to protect the borrower, such as financial assessment, counseling, and more.
    • In order to refinance into a reverse mortgage:
      • You must be 62 years of age
      • The home be considered your primary residence
      • Have equity in your home.

Benefits of a HECM Loan Program

  • Loan pays you – can pay off existing liens
  • Loan balance is not due until the last owner moves, sells, or passes
  • Meet financial and personal goals by choosing a Home Equity Conversion Mortgage (HECM loan program)
  • Gain Access to tax-free funds
  • Federal Housing Administration insures the HECM loan program
  • Heirs inherit any remaining equity after payoff

Distribution Options, Funds Available, Interest Rates and Costs for a Reverse Mortgage Refinance

  • May choose from fixed and variable loan rates
  • Some closing fees and closing costs can be financed, which results in little or no upfront fees
  • The amount that is available is based on the youngest or non-borrowing spouse, existing mortgage amount, the lesser of the appraised value of the home, current interest rate, and the sales price maximum spending limit
  • Funds can be used in any way, which can be received as a lump sum, a regular monthly payment, a credit line, or a combination of these options
  • Funds available may be restricted for 12 months after the closing due to requirements for the HECM loan program

Categories

Get Pre-Approved

Start by applying to get pre-approved today.

Recent Posts

Call Now Button