Reverse Mortgage Refinance
Homeowners at the age of at least 62 who want to refinance using a reverse mortgage may do so.
For the most part the reverse is completed for free and clear homes. However, if you follow the basic guidelines of
Age 62: Reverse mortgage up to 25% loan to value
Age 75: 40% Loan to value
Age 85: 65% loan to value
Then if you were 62 years of age, owed $10,000 and your home was worth approx $100,000. Then you could refinance with a reverse program
and pay off your existing first mortgage, and take an additional $15,000 in cash depending on the cost of the loan. $25,000 would be the total mortgage amount and would
be 25% of the value of your home. Using this formula you can arrive at a figure to determine if the reverse is the most appropriate type of refinance for you.
Additional information on reverse mortgage refinance loans
Before completing any type of refinance, please get information and speak to a expert lender regarding any mortgage program. This can save you time, stress and money.