If you’re a homeowner and over 62, are you looking for better ways to manage your money? You might have heard about refinancing your reverse mortgage if you already have one. That sounds a little complicated, doesn’t it? Not anymore; this article will make sure to cover everything in terms you can easily follow about refinance reverse mortgages. So, let’s start from the top. 

What’s a refinance reverse mortgage?

Refinancing a reverse mortgage means you get a new one to replace your current one. Why would you think of doing that? To tell the truth, you can see a few solid reasons for that. Maybe the value of your house has gone up, and you’d like to use that equity. You may prefer something different, such as a decreased interest rate or more money upfront. 

Use a reverse mortgage refinance calculator.

It’s useful to review the statistics first before deciding what to do. This is where having a reverse mortgage refinance calculator is really useful. With these tools, you can give your age, your home’s value, and your current loan balance, and they will show you how much you might get from a refinance. You can know your options quickly and comfortably before talking with a lender. 

Not sure if you should refinance? Try the reverse mortgage calculator.

You don’t have a reverse mortgage yet, but do you want to look into it? Start by doing a reverse mortgage calculation online. A reverse mortgage calculator helps to see how much you can apply for based on your home’s worth and your age. Anyone considering how to use their home equity in retirement will find this a helpful first step. 

Got a high-value home? Look into jumbo reverse mortgage rates.

In case your home exceeds the ordinary reverse mortgage limits (typically more than $1 million), you may be offered a jumbo reverse mortgage. They are meant for people buying expensive homes. Since jumbo reverse mortgage rates are not fixed, look at different offers. There are periods when you pay a bit more for fast lending, though you can get a larger loan as well. 

Get free reverse mortgage counseling

Before making a choice about reverse mortgages, it’s important to think things through carefully. Fortunately, you don’t have to deal with stress on your own. Free reverse mortgage counseling is available through HUD-approved agencies. The law says that getting this counseling is required before you take out a reverse mortgage. Your counselor will tell you about what you gain and lose, share all your choices, and confirm that you are aware of the details. 

What if you have bad credit?

There’s a myth that reverse mortgages require having perfect credit, but that’s not always the case. It is possible to get a reverse mortgage with bad credit. Most lenders are concerned with the equity in your home and whether you can meet the property tax, homeowners’ insurance, and maintenance payments. If your credit isn’t perfect, try not to give up before you even start. 

Final thoughts

If your home is worth more than before or you need new loan terms, taking out a refinance reverse mortgage might be the right answer for your home equity. Try out the reverse mortgage refinance calculator or the reverse mortgage calculator to assess your situation. For people with a high property value, you might consider jumbo reverse mortgages. Always remember to use the free counseling that is required before a reverse mortgage. Bad credit doesn’t necessarily mean you can’t explore decent options.