Question by J.O’: What are the benefits of refinancing a reverse mortgage?
If someone has a reverse and wants to “re-modify” it at today’s rates how can this help in today’s crazy market?
Answer by doreen k
It may not help because the borrower would have to re-pay the origination fees. And the amount that could be borrowed would likely be much less because the home’s value will be less under the current market conditions.
I very much doubt whether the difference in interest rates could be made up after re-paying all the necessary fees to refinance a reverse mortgage.
What do you think? Answer below!