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QUESTION:
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refinanceing reverse mortgage |
| refinanceing reverse mortgage to lower fixed intrest rate and get equity out |
 | asked by tmccoy39, 5/5/2008 |
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Categories:
Mortgage Refinancing, Reverse Mortgage
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| ANSWERS: |
| Answered by: Editorial, 05/08/08
Overall Rating:  Be the first to rate it. |
Any reverse mortgage company can refinance a reverse mortgage, but it's generally an expensive proposition. You wind up paying the fees twice, not to mention the fact that as it's a reverse amortization loan, the longer you've had the first RM, the harder it is to refinance it. Login to rate this answer: |
| Answered by: Tamera, 05/27/08
Overall Rating: Be the first to rate it. |
Interesting question.
Currently(5/27/08), HECM rates are around 3.5%. which is a very low rate. Though not fixed, it is still much lower then the fixed rate HECM which is around 6%. The average rate for the HECM (with the marging\ of 1.5%) is 5.63% over the last 15 years. Locking in a 6% rate keeps you from enjoying the rates when they are low like they are now.
Im not sure refinancing just to get a fixed rate is a good idea. Also, the fixed rate program requires that you draw all proceeds up front. Unless you intend on using all the proceeds up front, I wouldnt suggest it.
I am a reverse mortgage specialist employed by Financial Freedom, a preferred lender with New Retirement. Please do not hesitate to contact me should you have further questions.
Tamera Field
Reverse Mortgage Specialist
(877)632-7890
tfield @ financialfreedom.com
Login to rate this answer: |
| Answered by: Tamera, 05/27/08
Overall Rating: Be the first to rate it. |
Interesting question.
Currently(5/27/08), HECM rates are around 3.5%. which is a very low rate. Though not fixed, it is still much lower then the fixed rate HECM which is around 6%. The average rate for the HECM (with the marging\ of 1.5%) is 5.63% over the last 15 years. Locking in a 6% rate keeps you from enjoying the rates when they are low like they are now.
Im not sure refinancing just to get a fixed rate is a good idea. Also, the fixed rate program requires that you draw all proceeds up front. Unless you intend on using all the proceeds up front, I wouldnt suggest it.
I am a reverse mortgage specialist employed by Financial Freedom, a preferred lender with New Retirement. Please do not hesitate to contact me should you have further questions.
Tamera Field
Reverse Mortgage Specialist
(877)632-7890
tfield @ financialfreedom.com
Login to rate this answer: |
| Answered by: Tamera, 05/27/08
Overall Rating: Be the first to rate it. |
Interesting question.
Currently(5/27/08), HECM rates are around 3.5%. which is a very low rate. Though not fixed, it is still much lower then the fixed rate HECM which is around 6%. The average rate for the HECM (with the marging\ of 1.5%) is 5.63% over the last 15 years. Locking in a 6% rate keeps you from enjoying the rates when they are low like they are now.
Im not sure refinancing just to get a fixed rate is a good idea. Also, the fixed rate program requires that you draw all proceeds up front. Unless you intend on using all the proceeds up front, I wouldnt suggest it.
I am a reverse mortgage specialist employed by Financial Freedom, a preferred lender with New Retirement. Please do not hesitate to contact me should you have further questions.
Tamera Field
Reverse Mortgage Specialist
(877)632-7890
tfield @ financialfreedom.com
Login to rate this answer: |
| Answered by: john leedy, 08/05/08
Overall Rating: Be the first to rate it. |
Why do I not recieve a monthly statement from financial freedom on my account Login to rate this answer: |
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