financial benefit to the borrower I was able to refinance my Reverse Mortgage to receive more funds  to gain additional funds i used the money to help my son buy a house and real estate related closing costs to help my daughter with capital to start a business

Refinancing A Reverse Mortgage

Borrowers with existing Reverse Mortgages are able to refinance their existing loans into a new Reverse Mortgage in certain circumstances.  There must be a financial benefit to the borrower for the refinance to take place.   Refinancing may be appropriate to gain additional funds, change from an adjustable Reverse Mortgage to a fixed rate Reverse Mortgage, to add a non-borrowing spouse to the Reverse Mortgage, among others.

Borrowers must still pay typical real estate related closing costs and go through counseling; however, the upfront mortgage insurance premium paid to the FHA is greatly reduced on a refinancing because only the incremental upfront premium is required to be paid at closing.
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