For those already enjoying the benefit of a Reverse Mortgage, refinancing your current loan could help make life even better by accessing additional equity if your home has appreciated in value, adding another borrower to the loan, or lowering your interest rate. Refinancing your existing reverse mortgage may be a great option.
Homeowners may refinance their reverse mortgage if there is a tangible benefit to do so. When you refinance, you replace your existing reverse mortgage with a new agreement using new terms, rates and guidelines. Some of the proceeds from the new reverse mortgage will have to pay off the current loan amount and interest accrued from the original contract as well as closing costs for your new reverse mortgage loan. The borrower’s net benefit has to be at least five times the cost of a new reverse mortgage.
The lending limit for HECM’s was increased and available to $822,375.00 as of January 1, 2021. If your home is a high valued property that would give a much higher monetary benefit for you, please look at our EquityPower (Jumbo Reverse Mortgage) proprietary program for expensive homes. If your home value has notably increased, tapping into that additional equity may be beneficial for anyone who may require access to additional funds to meet more financial obligations in retirement.
Refinancing to increase the funds available to you, add a new spouse to the loan or change the rates and terms from your original loan may make a lot of sense. Nationwide Equities has experience in these areas and can help you determine what is best for you.
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Please give us a call today at (214) 269-3593 to schedule your consultation. Let’s get you the money you need to make the most of your golden years.
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