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Reverse Mortgages can be Refinanced

By On March 10, 2010
This article illustrates how a reverse mortgage can be used over and over again to release cash from your home’s equity and create liquidity for life.

Reverse Mortgages, for some, are not a one time proposition. There are many reasons why most consumers think a reverse mortgage is a one time, one shot deal. They are advertised and sold as a lifetime loan with illustrations that amortize out to age 100 and they use terms like “no payments for life” and while this is all true, it does not necessarily mean the home owners will have or should have the same reverse mortgage for the rest of their lifetimes. It makes a lot of sense, when planning for retirement, not to have a mortgage payment to worry about, so most of my customers use the bulk of their proceeds from a reverse mortgage to pay off an existing mortgage on their home. This benefit could be enough for the reverse mortgage to make sense to some. The amount of the mortgage payment they were making no longer comes out of the bottom line every month, leaving them with extra spendable income. If they don’t spend the extra money, it adds up to thousands of dollars in savings every year. This is why reverse mortgages are becoming so widely accepted.

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