There are two basic types of reverse mortgages that can be refinanced: traditional reverse mortgages and jumbo reverse mortgages. These products are available both to first-time clients and to existing reverse mortgage homeowners.
If you’ve been wondering “Can you refinance reverse mortgages?”, we have some good news for you. Traditional reverse mortgages are Home Equity Conversion Mortgages (HECMs). Traditional reverse mortgage loan amounts range up to $822,375. These loans are federally insured by the US government and allow you to maintain your title and homeownership for the rest of your life while receiving monthly payments to supplement your retirement income.
These funds can be dispersed as a one cash lump sum or line of credit to live comfortably during your retirement, pay off debts and medical bills, afford caregiving expenses, etc. This can provide you with peace of mind knowing your surviving spouse will be protected. Additionally, traditional reverse mortgages have the benefit that you can leave your home to your heirs rather than it going automatically to the bank upon passing. Enjoy no prepayment penalty with your refinanced reverse mortgage loan.
"*" indicates required fields
If a traditional reverse mortgage just isn’t enough, jumbo reverse mortgages can go up to $4,000,000. With no mortgage insurance, no FHA value limit, and no mortgage payments, you can maintain ownership and spousal protection just like the HECM. Enjoy a fixed interest rate for life with plans that have multiple product tiers and rates. Flex programs allow one large lump sum and monthly payments. Choose what works best for you with Standard Lenders.
Refinancing reverse mortgage loans works similarly to refinancing other mortgage loans. Standard Lenders is here to help you every step of the way. We can find the refinancing plan that will work the best for you, so ask for a free quote today to get started.
We can provide fixed interest rates that are guaranteed for life, with provisions in place for the surviving spouse of borrowers as well as for heirs upon their passing. Refinancing reverse mortgage loans can benefit borrowers during their life as well as their descendants for generations to come.
Now that you know it’s possible to refinance reverse mortgage loans, the next step is to consider whether you want to refinance a reverse mortgage. You might be surprised at how much you can save — and earn — by going through the refinancing process when it is customized to your individual circumstances, needs, and wants for your home, your finances, your lifestyle, and your family.