Ms. Phoenix, AZ has applied for a reverse mortgage refinance with Mortgage Concepts, LLC of Phoenix, Arizona. She will be receiving an additional $120,000 to add to her current $130,000 credit line. Her last reverse mortgage was done three years ago when the FHA lending limit was much lower than it is today, currently $625,000. Another benefit of her refinance is her ability to receive, well over five time the amount of her closing costs. Because of the nature of this application, the benefits to the borrower and the time elapsed since her last reverse mortgage, she can opt-0ut of the required reverse mortgage counseling.
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