YES! you can refinance a Reverse Mortgage, sometimes referred to as a HECM refinance.
Reverse mortgage rates have come down dramatically in the recent 12-months. By refinancing your current Reverse Mortgage you may be able to save equity and increase your current Line-of-Credit. If you currently don't have access to a Line-of-Credit, you may be able to add a Line-of-Credit you can access for any purpose you like and is not subject to earned-income taxes. Also, no payments are rquired on a Reverse Mortgage Line-of-Credit as opposed to a HELOC Line-of-credit you are required pay monthly payments on. With so much uncertainty in the world right now, it's better to not have to make a payment, then be required to make a payment.
You were probably grateful after receiving your first Reverse Mortgage and figured it was a done deal. However, years have gone by and you're needing to update your home. Your initial adjustable rate has adjusted up and now you believe a fixed rate would be a better call for the long-haul. It can be done! Refinance from an adjustable Reverse Mortgage to a fixed Reverse Mortgage is a little know industry secret most- Loan Officers don't even know.
Thinking of a remodel now or in the near future? You worked hard for your home over the years, now it's time to let your home work hard for you!
Call Renee today, to get your HECM refinance started 619-244-7492.