Reverse mortgages allow those 62 and older to tap their home’s equity. These mortgages are often used for cash-strapped homeowners that need cash immediately. Same as a regular mortgage, a reverse mortgage can be refinanced as well. Defining A Reverse Mortgage. As the name suggests, a reverse mortgage is the opposite of a standard mortgage.
Wondering if you can refinance your reverse mortgage? It’s possible, but there are many things to consider before doing so. Read our guide to learn more.
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Since a reverse mortgage taps into your home equity, refinancing after a significant bump in value means you’ll have additional funds at your disposal. Available as a lump sum or as payments over time, this increased income can supplement your current retirement planning.
Reverse mortgages can use up the equity in your home, which means fewer assets for you and your heirs. Most reverse mortgages have something called a "non-recourse" clause. This means that you, or your estate, can’t owe more than the value of your home when the loan becomes due and the home is sold.
Dear Dr. Don, I have a reverse mortgage, and I have been trying to add my wife to it. However, I’ve been told that the only way I can accomplish this is by refinancing into a conventional.
Refinancing a reverse mortgage may be best for adding a spouse to the loan, getting a better interest rate or accessing more home equity. Refinancing a reverse mortgage makes more sense for some homeowners than for others.
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Of course, there are closing costs associated with a reverse mortgage refinance. These are the same costs that must be paid with a new loan, which we cover here . The one exception is that the borrower must only pay a mortgage insurance premium on the increase in the home’s value.