Yes, you can switch lenders, but the only way to do it is by refinancing into a new reverse mortgage. There’s no “transfer” process as you might see with other types of loans. You start a brand-new reverse mortgage, and the new lender pays off your current one.

Whether it’s a good idea depends on what you’re trying to accomplish.

When refinancing can make sense

A refinance may be worth looking at if:

• Interest rates drop

• Your home value has increased

• You’re eligible for a higher principal limit

• You want access to more funds or a lower margin

In these situations, we often help homeowners refinance into better terms because the numbers genuinely improve.

When refinancing usually doesn’t help

Right now, interest rates are higher than they were a few years ago. In that kind of market, refinancing usually works against you:

• Higher closing costs

• A higher starting loan balance

• Similar or worse interest rates

• Little or no extra funds available

You’d be paying to refinance without gaining much in return.

What you can do without switching lenders

If the main issue is watching interest add up, there are two simple ways to slow it down:

• Make voluntary payments toward interest or principal. Even small payments help reduce compounding.

• Reduce your monthly draws if you’re taking scheduled payments. Using less means less interest accrues.

Both options let you control the balance without giving up the protections of the reverse mortgage.