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QUESTION:
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2nd reverse mortgage | | 2nd reverse mortgage? Is it possible to get a 2nd reverse? |  | asked by frankak, 9/18/2009 |
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Categories:
Reverse Mortgages
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| ANSWERS: | | Answered by: whyhecm, 09/20/09
Overall Rating:  Be the first to rate it. | Hello Sir,
If your asking if you can refinance a reverse mortgage, the answer is, possibly. Depending on what you owe, your estimated home value, and other factors of your current reverse mortgage.
Feel free to contact me for a free no obligation analysis to determine if refinancing your reverse mortgage is a possibility.
Sincere Regards,
Anthony L
866-640-5722 ext. 126
Login to rate this answer: | | Answered by: krayfield, 10/16/09
Overall Rating: Be the first to rate it. | Yes, if you are asking about refinancing your original reverse mortgage to get more of your equity, it can be done. This is especially true for folks who have homes worth more than $417,000, which was the previous lending limit. The lending limit has increased to $625,500, which means more people can refinance their reverse mortgages to capture more equity. An added benefit is that this is considered a streamlined refinance, with lower costs than what you originally encountered.
If I can be of any help, please don't hesitate to contact me.
Karen Rayfield
Reverse Mortgage Specialist
New American Mortgage
(757) 287-3331
karen.rayfield@newamerican.com Login to rate this answer: |
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