areversemortgage

Now with home values up and interest rates low it might make sense to refinance a Reverse Mortgage. But it is  depending on your situation. HUD adjusts the county lending limits to keep pace with increases in home values every year, so it’s possible that not only has your home increased in value but the amount of money available has gone up as HUD changes the lending limits.This may not always be the case and more than likely homes won’t appreciate quite as fast as they have in the past. Reverse Mortgages base the amount they will lend to you on the assumption that your home will go up in value every year, so if your home goes up faster than they are assuming you won’t actually go through your equity like you think.Of course every situation is unique and it doesn’t always make sense to refinance a Reverse Mortgage. If you are only planning on staying in the home for a short period of time or if you do not need the extra cash, or if you are concerned about using to much of the equity in the home then refinancing may not be the right thing for you at this time. Refinancing a Reverse Mortgage can provide you with a lot of extra benefits but it should only be done if you really understand the reasons for doing so.