IF YOU ALREADY HAVE A REVERSE THAT CLOSED OVER 12 MONTHS AGO, YOU MIGHT BE ABLE TO REFINANCE IT AND GET ADDITIONAL FUNDS OR INCLUDE A SPOUSE THAT WAS REMOVED FROM TITLE!!!
And to take advantage of:
- the increase in home values, before they go down again.
- the greatly Lower Interest Rates,
- the Increase in Age.
Interest Rates Are Extremely Low!
In some cases, a Spouse had to be removed from title due to age. HUD has created new rules protecting Non-Borrowing spouses. If they are 62 years or older now maybe they can be included in the new Loan.
In order to prevent abuse, the Federal Government requires that some conditions are met, among others, to be able to do it:
- The value of your home must be considerably greater than the value when you got the original Reverse Mortgage.
- As a general rule, The increase in the new Principal Limit (Loan Amount) must be, at least five, times the total closing costs amount of the new Reverse.
Information required to do an estimate:
- Send this information and a copy of your latest Reverse Mortgage Statement to Fax (786) 345-0783 or email to: RodKohly@gmail.com or by mail or fill out the form below.
- Dates of Birth of all Borrowers on the Mortgage
Mo __ Day: ___ Year: _____
Mo __ Day: ___ Year: _____
- From the latest Monthly statement
FHA #: 095-____________________
- Owed Amount (Current Principal Limit): $____________
- Original Principal Limit $_________________
- Appraised Value of the home on the ORIGINAL Reverse Mortgage: $__________
- Estimated Value of your home today: $_________
- Your Telephone: ______-______-__________
- Your Email: _________________________________________