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Reverse Mortgage Refinance
See if you can access more home equity at a better rate by refinancing
your reverse mortgage with GoodLife.
Family Owned
Top-Rated
Lower Rates**Based on data reported by lenders to the U.S. Dept. of Housing & Urban Development. Among the top HECM lenders (minimum of 100 loans), GoodLife Home Loans had the lowest adjustable rates on average for the period from January 1 through October 31, 2020.
How Does Reverse Mortgage Refinancing Work?
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.
However, it’s also possible to refinance a reverse mortgage loan, and many of our customers find that doing so is in their best interest. The National Reverse Mortgage Lenders Association suggests homeowners use the 5-5 rule to help determine whether a refinancing a reverse mortgage would be beneficial.
Loan proceeds must be equal to or more than 5% of the amount being refinanced.The increased principal may be equal to or more than 5x the closing costs.
The GoodLife Solution
At GoodLife, we can help you refinance your property to access home equity with industry-low closing costs. We originate loans in-house and cut out the middlemen, then pass the savings directly on to you—so you can keep more of your money in your pocket, where it belongs.
Reasons to Refinance a Reverse Mortgage
There are many reasons you might consider refinancing a reverse mortgage, such as:
Taking advantage of interest rates that have lowered since the time of closeSwitching from an adjustable to a fixed interest rate—or vice versaAccessing additional equity due to an appreciation in home valueAdding a spouse as a borrower on the loanAt GoodLife, we’re committed to ensuring our customers’ satisfaction. We’ll always take the time to learn about you and your goals to help you determine whether a reverse refi is right for your circumstances. If you’re wondering how you may be able to benefit by refinancing a reverse mortgage, give us a no-obligation call to discuss your options.
Our reverse mortgage experts are here to answer all your questions.
A Top-Rated Reverse Mortgage Lender
GoodLife is the top-rated reverse mortgage lender approved by HUD, FHA, and Ginnie Mae. We move quickly and can fund your loan fast, with the best rates that can beat or exceed anyone in the industry—guaranteed. Whether you’re refinancing an existing reverse mortgage or applying for your first loan, we’ll guide you through every step of the process.
Refinancing Your Reverse Mortgage with GoodLife
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.
Reverse Mortgage: FAQs
Have questions? Read through our reverse mortgage FAQs to find the information you’re looking for. GO TO FAQsRated 4.9 out of 5 based on 200+ reviews on Trustpilot
