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When a reverse mortgage refinance makes sense: Your home value has increased considerably You originally obtained your loan when the lending limit was less than the current HECM limit of $679,500 You are adding a younger spouse now age 62 to protect them from having to sell the home upon your death To benefit from a lower interest rate or margin Refinance into a... Read Full Article
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I am 87 and received an HECM, maximum claim $250,000 on June, 2006. Credit limit due to age and other factors was due to reach maximum claim in 2012.Withdrawals were denied beginning in June 2010, when the balance was around $225,000 and no withdrawals have been allowed since The server has been getting compound interest each month and HUD has... Read Full Article
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