What is an HECM to HECM Refinance Loan?

A HECM to HECM refinance is where a previous Reverse Mortgage is paid off and a new Reverse Mortgage takes its place. This is a valuable tool when home values rise dramatically giving the homeowner access to additional equity, there is a need to change the interest rate, or the homeowner would like to add another person to the mortgage such as a new spouse or qualifying family member. In Florida, considering a Florida reverse mortgage refinance could be particularly beneficial under these circumstances.

What are the benefits of a HECM to HECM?

  • Those close to retirement, but just can't seem to bridge the financial gap

  • Access additional equity gained through appreciation to consolidate Debts, establish a line of credit, or pull out cash

  • Add additional borrowers to the Reverse Mortgage

  • Make changes to the interest rate such as going from an adjustable to a fixed rate or locking in a lower rate

  • Retain all benefits of previous Reverse Mortgage

  • Establish monthly payments from the bank to supplement a fixed income

  • Reduced income qualifying requirements

  • Minimal Credit requirements

  • No Mortgage payments as long as the homeowner lives in the home

IF you have a Reverse Mortgage, you may be eligible to refinance your loan.

- Has your home increased in value? We can help to determine if you have more equity to tap into.

- We can determine if there a clear benefit to you doing an HECM to HECM (this is a requirement to qualify)

- Must meet all previous conditions like age 62+, enough equity, home in good condition, credit/income check.

Want to learn more?

Call us at 844-FLA-BEST (844-352-2378) or CLICK HERE to schedule a free Strategy Session with a local & trusted, licensed Reverse Mortgage Loan Officer.