Q&A: What are the benefits of refinancing a reverse mortgage?

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?

Best answer:

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!

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