Already have a reverse mortgage? A refinance may let you access more equity, get a better rate, add a spouse or change how you receive funds. Mark Boeck checks whether the benefit is worth the cost.
If your home value has risen since your first reverse mortgage, a refinance may let you borrow more. Use it for home updates, healthcare or a larger reserve.
If rates are lower than when you took out your loan, a refinance can slow how fast your balance grows. Mark checks whether the savings outweigh the new closing costs.
If your spouse was not on the original loan, a refinance once they are 62 can add them as a borrower, with full rights to stay in the home and use remaining funds.
With an adjustable rate HECM, you can usually change your payout without refinancing. If you have a fixed rate loan, a refinance may let you switch to a line of credit or monthly payments.
For a HECM refinance, HUD requires a disclosure comparing its cost with the extra funds you gain, and lenders apply their own benefit tests. Mark runs both sets of numbers so you can decide.
Mark Boeck has more than 25 years in mortgage lending and helps Arizona homeowners. He explains each step and every cost in plain English before you decide.
Mark Boeck, Retirement Mortgage Advisor (NMLS #107448), has more than 25 years in mortgage lending and helps Arizona homeowners decide whether a refinance makes sense. Working with Mark means:
Thinking about refinancing your reverse mortgage? Mark Boeck, trusted Retirement Mortgage Advisor, answers common questions for Arizona homeowners looking to access more equity, secure better terms, or protect their financial future.
Homeowners refinance to access more equity after their home value rises, to get a better rate, to add a spouse who has turned 62, or to move to a loan with features that fit their plans better. The new loan should give a clear benefit that outweighs its costs.
Often, yes. A higher appraised value, combined with your current age and interest rates, can raise the amount you qualify for. Mark compares the new amount with your current balance and the closing costs to show whether the gain is worth it.
Yes. If your spouse is 62 or older, a refinance can add them to the loan as a borrower so they can stay in the home if you pass away first. If your spouse is younger, other protections may apply, and Mark can explain them.
Yes. A new FHA appraisal sets your home’s current value, which determines how much you can borrow on the new loan.
Yes. The new reverse mortgage pays off the old one and starts with new terms, a new rate and new payout options. You keep ownership of your home, and new closing costs apply.
A HECM refinance keeps the FHA protections, and FHA rules require the new loan to give you a meaningful benefit compared with its cost. Counseling may be required again. Mark walks you through the numbers so you can decide with a clear comparison.
