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What is reverse mortgage refinance?

Anonymous

∙ 13y ago

Updated: 9/16/2019

It is where you have a Mortgage and you have improved your credit you can refinance to lower you monthly bill.

Wiki User

∙ 13y ago

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Related Questions

Can you re-finance your reverse mortgage?

yes, you can refinance it to a regular mortgage, or if interest rates are lower you can streamline it to a new reverse mortgage.

Are there any penalties or additional fees to refinance a reverse mortgage loan?

Yes, there are fees to refinance a reverse mortgage. There are always fees or interest rates when getting any type of loan including refinancing your home.

If your husband has a reverse mortgage and you are not 62 what happens to you with the house if he dies?

The answer is when he dies the reverse mortgage company will settle up the loan, so you will have to either sell the house or refinance with a new mortgage.

What exactly are reverse mortgage leads?

"Reverse mortgage leads are people who need to refinance their mortgages. Companies get this information, and then sell these peoples numbers to banks that do mortgages."

How can I use the reverse mortgage formula to make more income?

If you do a reverse mortgage you should be able to refinance your home and have lower monthly payments that way you can have more money for the rest of your bills!

What if reverse mortgage holder gets married?

The marriage is no problem, however the new spouse is not protected in the reverse mortgage unless a refinance is done into both of their names. As a result if the borrower passes away the new spouse will have 6 months to sell the property or refinance it... or to turn it over to the lender.

How can you get out of a reverse mortgage?

You can refinance out of a reverse mortgage at any time, there is no prepayment penalty. you can also sell whenever you want and move. Any equity remaining will be yours to keep. If there is negative equity in the home you can turn it over to the lender and will not face personal recourse against you or your assets provided the reverse mortgage is a HECM reverse mortgage insured by FHA- most are.

What happens after I refinance my reverse mortgage?

You will have to ask your mortgage provider, because it varies from business to business. Some do not offer this option at all, but others may do so for a fee.

Can you prepay principal on a reverse mortgage?

A reverse mortgage has no prepayment penalty, so you can prepay a portion or all of it at any time. Since mortgage interest is deductible in the year you pay it, you can use the reverse mortgage for tax planning making payments in years you need a bigger tax deduction, and making no payments in years you don't need one. You can move at any time, refinance it, or streamline it to a new reverse mortgage.

When should one refinance their mortgage?

One could refinance their mortgage when the interest rate decreases. However, one must also think the amount they have to pay to refinance their mortgage.

How can you remove the cosigner from a mortgage?

You must pay off the mortgage and refinance the loan in a single name.You must pay off the mortgage and refinance the loan in a single name.You must pay off the mortgage and refinance the loan in a single name.You must pay off the mortgage and refinance the loan in a single name.

How soon after closing on a mortgage can you refinance?

You can typically refinance a mortgage after waiting for at least six months to a year after closing on the original mortgage.

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