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what are the qualifications for refinancing a reverse mortgage if your home has increased in value

by drbrbridges815 from , California. Mar 5th 2017 Reply


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Mar 5th 2017
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Sara Deere (SARAinMO)
#1 ranked lender in Kansas - 501 contributions

There must be an 18 month waiting period after the closing of the first reverse mortgage loan before it can be refinanced to a new reverse mortgage loan.1 The amount of increase in the Principal Limit between the original reverse mortgage and the new reverse mortgage refinance must be at least five times the amount of total closing costs of the new reverse mortgage refinance.2 The amount of Principal Limit from the reverse mortgage refinance that is available to the borrower after deducting both the payoff amount of the original reverse mortgage and total closing costs of the reverse mortgage refinance must be at least 5% of the Principal Limit of the reverse mortgage refinance.

Mar 6th 2017
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Larry Gray (lgray_312_247)
#562 ranked lender in California - 1,127 contributions

Sara Deere was pretty thorough in her answer. So at this point if you think you might qualify or if you are not sure, a reverse mortgage specialist licensed in California can assist you in a detailed analysis to find out if you qualify and provide you the information necessary for you to make an evaluation of whether it is worthwhile to do the refinance. I would be happy to refer you to ours if you like,as I do not specialize in reverse mortgages though I used to include them.

Mar 6th 2017
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