HappySeniorHomeOwners Blog

Refinance Your Current Reverse Mortgage.! Get More Funds! Include Spouse That was not of Age!

April 8th, 2020 2:44 AM by Juan Luis Rodriguez-Kohly

Interest Rates Are Extremely Low!

REFINANCING A REVERSE MORTGAGE

 

If you currently have a Reverse Mortgage on your home, that Closed over 12 months ago, it might be possible to refinance your current debt with another Reverse Mortgage to take advantage of:

  1. the increase in home values,
  2. the greatly Lower Interest Rates, 
  3. the Increase in Age.

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:

  1. The value of your home must be considerably greater than the value when you got the original Reverse Mortgage.
  2. 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.

  1. Dates of Birth of all Borrowers on the Mortgage: Mo __ Day: ___ Year: _____
     Mo __ Day: ___ Year: _____
  2. Exact Date the Mortgage Closed
    Mo __ Day: ___ Yr: _____. Or Copy of HUD1 Closing statement.
  3. Appraised Value of the home on the original Reverse Mortgage: $___________
  4. Current Estimated Value of the home: $_________
  5. Telephone:   _____-_____-_________

email: _____________________________

 Note
: Information subject to errors and omissions, and change without prior notice

Posted by Juan Luis Rodriguez-Kohly on April 8th, 2020 2:44 AM

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