Is it possible to refinance a reverse mortgage if a better opportunity becomes
available or if a person's financial situation changes?
It is possible to refinance a reverse mortgage but
is important to weigh the benefits against the costs
of originating another loan. A general rule of thumb
is that the amount of money you will receive should
be five times the amount of the cost to refinance the
mortgage. Refinancing a reverse mortgage typically is
only worth considering when a home has significantly
increased in value, the FHA loan limit for the area
has been raised. One of AAXA's Reverse Mortgage Specialists
can help you weigh the pros and cons of refinancing
a reverse mortgage - 877-728-3569.
