Is refinancing your reverse mortgage right for you?
Historically, homes appreciate in value and this can be great news for reverse mortgage borrowers looking to refinance. In most cases, if the value of your home has increased, you will most likely be able to receive more money through the refinancing process. Refinancing a reverse mortgage can also be beneficial when a borrower wants to add a spouse to their loan. If the spouse did not previously meet the age requirement, you may be wanting to add them to the loan for additional financial peace-of-mind. In the unfortunate instance of a co-borrower on the reverse mortgage passing away (makes me sad even writing this :’( ) you may have to refinance the loan. Depending on the terms of the original reverse mortgage, you may also have to sell the home. We strongly recommend asking questions if you are unsure of any aspects of your reverse mortgage to proactively avoid any surprises.
Have you been wondering if you can get a better rate and term on your reverse mortgage? Do you want to explore the possibility of switching from a reverse mortgage to a traditional mortgage? If rates are lower than the current rate on your reverse mortgage, we can gather the information and see if refinancing makes sense for you. Or, maybe you would like to pass on your home to a child or family member and want to refinance into a traditional mortgage. This is a great option for those who may have money available through retirement payouts, pensions, etc. and are able to comfortably manage a mortgage payment.
You may also want to refinance your reverse mortgage to have more accessible funds. This is great if you would like more money to do the things you love or even make repairs or upgrades on your current home. Borrowers must keep in mind that this will add more to the loan amount in this scenario.
If your goals or situational needs have changed, you may be contemplating which options are best for you, moving forward. If you know what you would like to change in regards to refinancing, great! But… What if you don’t?
Have no fear, the borrower advocates are here! No matter where you are in the process, our team of experts can help you along the way. From exploring the best fitting options, explaining the process and answering any questions you may have- to finalizing your refinance, we have your back! What are you waiting for? Call today to refinance your reverse mortgage today!