HECM to HECM Refinance
What is an HECM to HECM Refinance Loan
A HECM to HECM refinance is a simple reset of an existing Reverse Mortgage. This becomes an important tool when home values rise dramatically, there is a need to change the interest rate, or the homeowner would like to add another person to the mortgage such as a new spouse or qualifying family member.
Who is eligible for this loan?
What are the benefits of this loan?
- Access additional equity gained through appreciation to consolidate Debts, establish a line of credit, or pull out cash
- Add additional borrowers to the Reverse Mortgage
- Make changes to the interest rate such as going from an adjustable to a fixed rate or locking in a lower rate
- Retain all benefits of previous Reverse Mortgage
- Establish monthly payments from the bank to supplement a fixed income
- Reduced income qualifying requirements
- Minimal Credit requirements
- No Mortgage payments as long as the home owner lives in the home