Refinance an Existing Reverse Mortgage

Refinance into a New Reverse Mortgage

When the value of your home increases, you may consider refinancing to access more of your home’s equity, get a different interest rate or make other changes to your loan.

It may be possible for you to refinance from a traditional mortgage loan or even a current reverse mortgage into a new reverse mortgage loan.

Before refinancing an existing traditional mortgage (Conv, FHA, VA) or a Reverse Mortgage loan, you will want to talk with me, as your reverse mortgage specialist, to determine if refinancing will offer financial benefits in the long-term. As your Reverse Mortgage professional, I will confirm if the loan requirements can be met, depending on the type of Reverse Mortgage, and assist you throughout the loan application process, which includes obtaining an appraisal for the home and submitting necessary financial documentation. Once the loan is approved, the last step will be reviewing final loan documents and selecting how funds will be received post loan funding.

Why Refinance?

• Obtain different rates and terms.

• Gain access to a line of credit.

• Pay off an existing mortgage.

• Obtain cash flow to cover bills, pay off medical expenses and/or other high interest debts.

• Help retirement savings last longer.

• Fund home repairs, modifications or renovations.

• Bridge social security deferral gap or increase monthly cash flow.

• Fund or supplement in-home care.

The borrower must meet all loan obligations, including living in the property as the principal residence and paying property charges, including property taxes, fees, hazard insurance. The borrower must maintain the home. If the homeowner does not meet these loan obligations, then the loan will need to be repaid. This is not tax advice. Consult a tax professional. These materials are not from HUD or FHA and were not approved by HUD or a government agency.

Alex Palermo NMLS #964665. All products are not available in all states. All options are not available on all programs. All programs are subject to borrower and property qualifications. Rates, terms and conditions are subject to change without notice. This is an Advertisement.

Refinance an Existing Reverse Mortgage

Refinance into a New Reverse Mortgage

Why Refinance?

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