Clearwater, FL, 16 Aug 2021, ZEXPRWIRE, Thinking about refinancing a reverse mortgage? You’re not alone, with unprecedented equity gains over the last several years putting many current reverse mortgage holders in an advantageous position. Announcing full offering of reverse mortgage refinance products, Florida’s Best Reverse Mortgage Company aims to assist any current reverse mortgage holders interested in getting answers.
“We have received many calls from folks currently in a reverse mortgage who are curious how much their home has gained in value and have questions about their options. Can I access more money? Can I get a larger line of credit? Is refinancing a reverse mortgage realistic? Every one of those people has a situation unique to them, and there is no one-size-fits-all answer. We take the time to talk with every single person and answer every single question, discuss the ins-and-outs of a HECM to HECM refinance, and ultimately run an analysis to see how we can help and be of service.” said Brian Correa, President of Florida’s Best Reverse Mortgage Company.
Part of the analysis involved in a HECM to HECM refinance involve strict calculations to protect the borrower by ensuring that refinancing a reverse mortgage has a clear benefit for them. Rules put in place such involving loan closing costs, loan proceeds, and seasoning requirements are all taken into careful consideration.
“We do all of the work upfront. With a couple pieces of information and a few minutes of your time, we can find out what you do or do not qualify for and get you an idea of how much equity you may be able to access. Plus, with offices all over Florida and growing, we can accommodate you locally. If you are in Florida, just Google Florida’s Best Reverse Mortgage Company, and look for an office near you!”
A HECM to HECM refinance, or reverse mortgage refinance, is when someone in a reverse mortgage refinances their current reverse mortgage into a new reverse mortgage. Generally speaking, refinancing an existing reverse mortgage can be a great option when home values rise dramatically, there is a need to change the interest rate, or the homeowner would like to add another person to the mortgage such as a new spouse or qualifying family member. Though costs are usually lower, there are strict qualifying calculations when refinancing a reverse mortgage.
“We have programs available for Reverse Mortgage refinancing, Jumbo Reverse Mortgage refinancing, and access to more loan programs and products that traditional lenders, who usually only have one product line, if that. If you have been thinking about refinancing a reverse mortgage in Florida, reach out to us today!”
About Florida’s Best Reverse Mortgage Company: With offices in Tampa, Orlando, Fort Myers, and Jacksonville, Florida’s Best Reverse Mortgage Company is Florida’s premier outlet for reverse mortgages, providing local and trusted service statewide.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Sahyadri Times journalist was involved in the writing and production of this article.