Look Mom, no Hands!

BY LEON TRY ME BIKE SHOP

GERRY JOHNSON

Here is something which escaped me at the outset of my career, refinancing a Reverse Mortgage is easy. Much easier that redoing a forward mortgage or HELOC. There is almost no qualifying, and most importantly you have already paid the Upfront Mortgage Insurance Premium with the original loan. I’m not saying that there isn’t a circumstance where you might have to pay a portion of UFMIP again, but I’ve never seen one, and if so, it is rolled into the loan. Thus, refinancing a HECM, FHA’s version of a Reverse Mortgage, is not too expensive, and perhaps the loan officer might extend some lender credit to make it even less expensive.

Another thing to remember, as you age, you qualify for a higher percentage of equity distribution. This along with the implicit home appreciation makes a Reverse Mortgage refinance a lucrative strategy. And, a cash surplus may suddenly appear.

Timing is important. Finding the right Reverse Mortgage Specialist is crucial. Discuss your situation and devise a strategy. I have refinanced several of my RM clients. They actually have become good friends. One even gave me a putter the other day.

The point is this, there really isn’t much advantage in waiting. Find a trusted, knowledgeable loan officer and determine your options. You will be glad you did.

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With my service in the Marines, and my years of service to our community, my work ethic and commitment to you is second to none. Contact us today to take care of your accounting needs.