Unfortunately, the only way you can re-do the reverse mortgage is by refinancing it, essentially replacing your existing reverse mortgage with another one. If your home has decreased in value, then you almost certainly will not qualify for as much money with a reverse mortgage as you did originally, and thus will not be able to refinance it.It should be noted though that reverse mortgages have a protection built into them such that should you wind up owning more than the property is currently worth when the reverse mortgage comes to an end, then your estate is required to pay back only the value of the property, and any amount you owe beyond that is wiped at the conclusion of the reverse mortgage. This prevents the homeowner from being saddled with extra debt at the end of the reverse mortgage.