Just when you thought you knew the reverse mortgage loan inside out, it's going to change on you. That's because the reverse mortgage market is swelling with interest from prospective borrowers and those borrowers each have their own unique mortgage loan needs. In order to meet those needs, the reverse mortgage market has to adapt.
One of the changes that people are starting to notice is increased availability of (and interest in) reverse mortgage refinancing. As the name suggests, this is a method of changing the terms of your reverse mortgage loan by working with your lender to make the adjustments that you see fit.
Like with traditional home mortgage refinancing, there are pros and cons to taking this action. It may result in greater financial benefit to you but it may come at a long-term financial loss. In contrast, it may do the opposite; you may have to pay a refinancing fee up front but then ultimately get more out of the reverse mortgage loan in the long run after you've refinanced it.
Learn more about this issue here.
Question of the Day: Would you be interested in reverse mortgage refinancing or do you prefer just sticking with the terms of your original reverse mortgage loan?
