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Reverse
Mortgage - Reverse
Mortgage FAQs - Refinancing
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.
Please keep in mind that the reverse mortgage industry
in constantly changing and some of the information contained
on this site may not be current. Please ask a licensed
reverse mortgage professional for up-to-date guidelines.
Other Popular Reverse Mortgage Questions:
What are
some basic qualification parameters?
How much cash
can I get and how do I get paid?
What happens to
my debt and what is the maximum I can owe?
Will
there be anything left for the borrower or their heirs once the property is
sold or the borrower no longer uses the home as their primary residence?
What are some of
the costs associated with reverse mortgages?
Will
receiving payments affect one's Social Security, Medicaid,
or Medicare benefits?
Who
owns the property, the lender or the borrower?
Is it possible
to refinance a reverse mortgage if a better opportunity becomes available?
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Mortgage | Site Map |
ReverseMortgageValue.com is an informational web site. We do not offer
mortgage financing of any kind. Please consult with a qualified and
licensed mortgage professional before making any home related financial
decision. Please note that the mortgage industry is constantly evolving
and some of the information on this site may be out-of-date. Please
consult with a mortgage professional for current product information
and guidelines. Please visit our other site, forthebestrate.com, to
search for some of the lowest
mortgage rates in your community.
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