Can I refinance a reverse mortgage with a new reverse mortgage? The answer is sometimes. And it depends upon the current equity in the property.
Home values have risen quite a bit over the last two years, in some communities here in Southern California as much as 20% per year! In a situation like this I have found that some of my prior clients have built up enough equity due to appreciation that they can refinance their existing reverse into a new reverse and tap into a bigger line of credit, higher monthly payouts or even more cash … (0 comments)
refinance: Can I Refinance Out of a Reverse Mortgage?
- 01/26/10 02:37 AM
I love talking with my clients, prospects and closed clients alike. They are my inspiration for most of the posts on my blog. Yesterday, I was speaking with Jerry, a client who currently has a reverse mortgage. He was interested in refinancing out of his reverse mortgage into a 30 year fixed rate "forward" mortgage in order to maintain plenty of equity in his home to leave to his children. He has a great income, excellent credit and plenty of equity and should easily qualify for a conventional loan. "Why don't you just make payments on the reverse mortgage?" I asked. … (3 comments)
December 9th, 2009 5:30pm-8:30pmTemecula Public Library 30600 Pauba Road Temecula, CA 92592 Free Seminar for Homeowners - Presented by HELP "Homeowner Education Learning Program" a non-profit agency, this seminar will educate troubled homeowners about the options available to them. Knowledge is power. HELP USA Also provides professionals within real estate and related fields an excellent 2 day class that will certify them as "HELP Certified Professionals" I recommend going to the homeowners free seminar first. There you will get fired up to become an educated, top notch professional. Please click on my … (0 comments)
What You Want To Know & Need To Know About Reverse Mortgages -
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