We have a reverse mortgage for $387,900.00 and house on Zillow is valued at approximately $600.000.00 can we redo our reverse mortgage and get money out of it?By Steve L. on 01.15.2019
HUD has cut back the amounts borrowers receive in recent changes to the program and when you add that to rising interest rates, most borrower do not qualify for a refinance and more money unless their home has increased substantially in value. I can’t assess your circumstances because I don’t know your ages and with your balance being well over 50% of the value, it will be tight.
Your best bet would be to visit our online refinance calculator and check out the numbers for your circumstances. In addition to your ages, the costs in your area will also have some bearing on whether this would benefit you, so I would encourage you to use the calculator to see how it works for you. It is easy, free and you don’t have to supply any personal information. The results are real-time and take into consideration the actual costs for your area based on your zip code. Give it try, there is obligation and no harm in checking!