Refinancing a reverse mortgage is very similar to a traditional home refinance. Both involve replacing an existing mortgage with a new one at a better rate, but there are a few key differences you should know.

Refinancing a conventional loan may allow you to lower your monthly payment through reduced interest rates or extended loan terms (pending you meet strict qualifications)—but a reverse mortgage can also be used to refinance a “forward” mortgage into a “backward” loan with greater flexibility and no monthly payment required.

If you’re interested in learning how to tap into home equity so you can achieve greater financial freedom, contact us to see how we may be able to help. We streamline the reverse mortgage application process with best-in-class customer service, so you’ll feel confidently informed throughout your experience. Whether you’d like to achieve a lower interest rate or see if there’s more equity you can convert into loan proceeds, call GoodLife® and learn about our reverse mortgage refinancing. We’re the top-rated lender on Trustpilot, on a mission to empower others to live better with less financial stress, and we look forward to seeing if we can serve you, too.