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Can a reverse mortgage be refinanced?

Can a borrower refinance a reverse mortgage to get a better rate? by EIzzard from Warrenville, Illinois. Oct 23rd 2012 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

Yes.. however when you call your broker, you need to see if there is any clear advantage to do so... the costs associated with a reverse mortgage are high, and sometimes, the small savings you get with a lower interest rate just isn't worth the added fees to your loan.. dealing with a competent reverse mortgage broker will point out all the positives and negatives, and put those differences in writing, side by side for you to compare and make up your own mind... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Oct 23rd 2012
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Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

you can but may not be an advantage.

Oct 23rd 2012
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 1,823 contributions

Possibly, but it may not make sense. The new loan is going to cost you new fees that may very well eat up all of your savings. The best way to know for sure is to have a Certified Reverse Mortgage Specialist review your current program against the terms of a new one to see which makes more sense for you. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Oct 24th 2012
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Matt Pollina (matt@smartmtgs.net)
#57 ranked lender in Illinois - 40 contributions

The post below is very good. If you would like a quote from someone in your area, please contact me. In the state of Illinois, you have to get counseling first. This can be done over the phone or in person. This helps ensure that you are completely aware of everything involved. -Matt Pollina847.322.4720630.904.1800

Oct 23rd 2012
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Matt Pollina (matt@smartmtgs.net)
#57 ranked lender in Illinois - 40 contributions

Edit: The post ABOVE- by William.

Oct 23rd 2012
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Linda Wintersteen (Linda123)
#62 ranked lender in Arizona - 1,256 contributions

First and foremost, do you have any equity in your home?? linda

Oct 23rd 2012
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Richard Glover (rglover)
#36 ranked lender in Illinois - 69 contributions

You can refinance a Reverse Mortgage but there is typically a 5:1 advantage requirement. This is done to make sure that there is a benefit to doing the refinance. It also depends on when you took out your mortgage because the requirements have changed a few times over the past 4 years. Perhaps you are looking to refinance your reverse into a "forward mortgage." A lot depends on your goals and reasons for asking the question. I'm local to you and have extensive knowledge about the Reverse Mortgage and its inner workings. I'm able to assit you in deciding if this is the right thing for you and answer your questions about the topic. Richard Glover800 365 3539

Oct 23rd 2012
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