Answers To Frequently Asked Questions
Most of my people have used a Reverse Mortgage to “retire” or pay-off their current traditional mortgage. Many times you can retire your current mortgage and have money available, when you need it, in a Line of credit.
Yes, if you meet the following criteria”
- If you have more equity available.
- If your new loan can pass the “cost & benefit” test.
- If your home has gone up in value and you have gone up in age.
- The bottom line is a refinance needs to be worth it to you. If we can determine that, then we can go forward.
A few helpful articles on refinancing a Reverse Mortgage”
US News & World Report; “How and why to Refinance a Reverse Mortgage
Yes, I think so and here’s why:
- With a Reverse Mortgage you are not required to make a monthly (P & I) principal & interest payment
- With a Reverse Mortgage you are protected from wild fluctuations in the housing market.
- With a Reverse Mortgage you have control over how much of your equity you want to use.
- With a Reverse Mortgage, if something bad happened and you incurred a large amount of debt, you would be able to safely stay in your home.
The FHA Reverse Mortgage is insured by the U.S. Govt. Here are a few Govt Reverse Mortgage pages.