Reverse Mortgage Refinance

Enhancing Your Financial Security With a Reverse Mortgage

A reverse mortgage allows you to turn the equity in your home into usable funds.  Huity Coome Eqnversion Mortgages (HECMs) 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, and have equity in your home.​

Benefits of a Reverse Mortgage

  • 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)
  • Gain Access to tax-free funds
  • Federal Housing Administration insures HECM Loan Programs
  • Heirs inherit any remaining equity after payoff of the HECM loan

Distribution Options, Funds Available, Interest Rates and Costs

  • 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

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