It’s not typical to associate refinancing with reverse mortgage loans BUT it is possible to refinance your reverse mortgage loan. Recent factors, like the housing recovery gaining momentum and the extension of value limits on the reverse mortgage, have created a potentially beneficial environment for seniors looking to refinance their reverse mortgages.  Especially, if your original reverse mortgage was done around 2010-2011, when home values were at their lowest. The new refinanced reverse mortgage will also have lower closing costs than the original reverse mortgage. However, before you refinance your reverse mortgage you should, firstly, consider the current value of your home. If the value of your home has decreased then you won’t be able to qualify for additional funds. Secondly, you should consider the Federal Housing Administration’s Value Limit. You will be able to receive more money if you refinance when the value limits are lower than when the value limits are higher. Next, you should consider the outstanding balance on your reverse mortgage. If there is any, it will have to be repaid in full before a refinance can happen. This is why knowing the current value of your home is so important. In addition, if you are only refinancing to lower your current interest rate, a refinance is not your best course of action. Remember that you don’t pay interest on your HECM loan until it becomes due and, as a non-recourse loan, you never owe more than the current value of your home. Lastly, if you have receive monthly payments or have a line of credit there is no need to refinance unless you have run out of funds, are close to running out of funds, it, want to include a non-borrowing spouse or have another dire consequence. If you are considering refinancing your reverse mortgage, think it over, consider these questions and give PS Financial Services a call at (888) 845-6630 or email us at