Can You Refinance a Reverse Mortgage Loan?
Can You Refinance a Reverse Mortgage Loan? The biggest advantage of a reverse mortgage is that making monthly payments is optional, as long as you keep your property taxes, insurance, and upkeep current. The loan can even pay you each month. The loan balance only comes due when the last borrower dies or leaves the home. Taking out a reverse mortgage early - homeowners become eligible once they turn 62 - can help boost retirement savings, and maximize the benefits via a guaranteed-to-grow line of credit on any unused funds. But what if you take out a reverse mortgage, only to see interest rates drop a few years down the road? Are you stuck with the higher rate? (بیشتر…)