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Know Your Options

     Reasons to refinance:

 

  1. To take advantage of a better interest rate (a reduced monthly payment or a reduced term)
  2. To consolidate other debt(s) into one loan (a potentially longer/shorter term contingent on interest rate differential and fees)
  3. To reduce the monthly repayment amount (often for a longer term, contingent on interest rate differential and fees)
  4. To reduce or alter risk (e.g. switching from a variable-rate to a fixed-rate loan)
  5. To free up cash (often for a longer term, contingent on interest rate differential and fees)

 

REFINANCE

A reverse mortgage, the most popular form being the “Home Equity Conversion Mortgage” (HECM), is a mortgage that allows seniors (aged 62 years and above) to access and borrow against the equity in their home without having to sell it, give up the title, or incur a monthly mortgage payment.

 

While such funds can be used for any purpose, repayment is required only if the borrower dies, sells the home, or no longer occupies the home as the primary residence. The proceeds of the reverse mortgage depend upon the age of the youngest borrower, the current interest rate, lower of the appraised value or purchase price of the home, and the maximum mortgage limit.

 

While the traditional HECM program offered financing on existing primary residence, Congress has, over the recent years, expanded the program to allow for the purchase of a home.

HECM