Reverse Mortgage Refinance
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Reverse Mortgage Refinance
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.
Traditional Reverse Mortgages in California
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 from best mortgage companies to work for in california.
- Loan Amounts Up to $822,375
- Eliminate Mortgage Payments for the Rest of Your Life
- Use Funds in a Variety of Ways to Supplement Your Retirement
- Improve Your Monthly Cash Flow
- Get Tax Free Cash in One Lump Sum
- Obtain a Growing Line of Credit and Use Funds As Needed
- Receive Monthly Payments to Supplement Retirement Income
- Maintain Title and Ownership of Your Home for the Rest of Your Life
- Peace of Mind Knowing Your Surviving Spouse is Protected
- Leave Your Home to Your Heirs (Bank Does Not Automatically Get It)
- No Prepayment Penalty
- Federally Insured by the U.S. Government
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Jumbo Reverse Mortgages In California
If a traditional reverse mortgage just isn’t enough, jumbo reverse mortgages in california 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.
- Loan Amounts Up to $4,000,000
- No Mortgage Insurance
- No FHA Value Limit
- Multiple Product Tiers and Rates – Choose What Works Best for You
- No Mortgage Payments – Maintain Ownership and Spousal Protection
- Flex Program – One Large Lump Sum and Monthly Payments
- Enjoy a FIxed Interest Rate for Life
The Process of Refinancing Your Reverse Mortgage
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.
Can You Refinance A Reverse Mortgage In California?
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.
We also provide services in different areas as
Refinance reverse mortgage Los Angeles
Refinance reverse mortgage San Francisco