Refinancing a reverse mortgage is possible 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.
"If you can shave one-half to three-quarters of a percentage point off your mortgage loan by refinancing, you should look into it," says Greg McBride, CFA, chief financial analyst for Bankrate.
Whether you’re getting started with a reverse mortgage loan, or are just conducting your research, there may be a lot of terms that come up that can be a bit overwhelming. In this infographic, we’ve included only those industry key glossary terms that can be helpful to anyone interested in a reverse mortgage loan.
You may be asking yourself when should i refinance my mortgage?. A reverse mortgage is where you receive monthly payments or a large up-front sum of.
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A reverse mortgage refinance consists of refinancing the current reverse mortgage into a new reverse mortgage utilizing the current up-to-date terms and guidelines. It doesn’t always make sense, but in some cases, it can mean more proceeds for the borrower.
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· You may qualify for a reverse mortgage even if you still owe money on an existing mortgage. However, the reverse mortgage must be in a first lien position, so any existing debts must be paid off. You can pay off the existing mortgage with a reverse mortgage, money from your savings or assistance from a family member or friend.
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That way, you can shave years off the loan and avoid a lot of interest payments. If you’re getting pre-approved for a mortgage or a refinancing, make sure that your new loan doesn’t include a.
If you think a reverse mortgage might be right for you, contact a HECM counselor to enroll in counseling, or call HUD toll-free at 800-569-4287 to learn more. If you decide to apply for a reverse.
Refinancing a reverse mortgage can be the right move for homeowners whose circumstances have changed significantly since taking out the reverse mortgage – if their home is worth considerably more than it was, for instance, or if a spouse must be added to the loan note.
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