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Before making the decision to refinance a reverse mortgage, have a feel for your home’s equity, the current interest rates and your general financial footing. It may not end up being the right decision for you — first determine the risks and costs.
The process varies from lender to lender, but the general flow looks like:
You must meet these requirements before you can refinance your reverse mortgage loan, according to the National Reverse Mortgage Lenders Association:
Commonly referred to as the five-five rule, you need to meet both standards to qualify for refinancing your reverse mortgage loan.
The benefits of refinancing your reverse mortgage include:
Refinancing your reverse mortgage is similar to the original application process, but there are some things you’ll need to watch out for in the process:
Not all borrowers are eligible to refinance their reverse mortgage. You’ll be in better shape for refinancing if you meet the following criteria:
If you choose to refinance your reverse mortgage through a private company, your eligibility requirements may vary.
Have these documents on hand before starting the refinancing process:
If you don’t meet the eligibility for a reverse mortgage, you have other options.
Refinancing can get you lower rates on your mortgage if you have equity in your home. There is a list of qualifications to meet, including being 62 years old or older and have a history of on-time payments and taxes.
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