Reverse Mortgage RefinanceCan you do a Reverse Mortgage Refinance? The answer is YES but read on as we explain when it might make sense for you. The best candidates for a refinance of a reverse mortgage or "HECM loan" are those who obtained a reverse mortgage under the old principal lending limit of either $362,790 or $417,000 -and- the value of their home today exceeds that amount. Others that might consider a refinance are those that received an adjustable rate reverse mortgage with a high margin. Example: CMT Rate + 3%. Some seniors that have adjustable rate reverse mortgages might want to switch to a fixed rate if they believe interest rates are likely to rise in the future. Finally some couples that got their reverse mortgage before one spouse was 62 years old may want to refi to be able to put the previously under age spouse on the loan now. Please note that if something happens to a borrower with a spouse not on the loan (passes away, nursing home stay over one year, etc.) the loan becomes due and payable. The spouse or non borrowing resident have the following options: 1) Sell the house to pay off the reverse mortgage. They can keep remaining equity if there is any. 2) Get a conventional or forward mortgage (the kind you make monthly payment on) to pay off the reverse mortgage. Please note in today's market you must credit and income qualify for this option. 3) Get a new reverse mortgage if the non borrowing spouse is 62 or older and qualifies. Those with an ownership interest in the property may also get a new reverse mortgage if they qualify as well. If you refinance a reverse mortgage the MIP (Mortgage Insurance Premium) that was previously charged will be credited againt the new MIP charge for the refinance loan.
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