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Reverse Mortgage Refinancing

Crown Reverse Mortgage: Your Lender For Life.

Rated 4.8/5 by 674 homeowners just like you
11 February, 2020

Nicholas Pierce

Before contacting Brian, I was honestly frustrated and angry. When I called the people on the paper statement I received, they just didn’t help me like I wanted. Luckily, I decided to call Brian and Crown Reverse Mortgage. He guided me step-by-step to register to get those electronic statements that you need. He broke it all down in easy-to-understand English. Brian is a godsend. I appreciate the help.”

SHARON-it’s worthwhile for me

“I didn’t know I could refinance my reverse mortgage. Can Crown Reverse Mortgage help me?”


Yes—we can help you, and be your lender for life. And that includes lending our expertise. 

So if you’d like to take advantage of a lower interest rate or access more cash, refinancing your reverse mortgage may be a great option. 

Crown Reverse Mortgage Financial is a full-service lender, with a variety of reverse mortgage products that can help you live the retirement you imagine.

We can help you evaluate whether your current loan can help you reach your goals, or if another loan would make more sense.

 We’re dedicated to doing what’s in your best interest – and remember, we always offer special rates to our existing customers, as well as your friends and family.

“How do I know if I should refinance?”


SHARON-it’s worthwhile for me

Determining if a refinance is right for you depends on several factors. Everyone’s financial situation is unique, so its important to carefully evaluate yours before making a decision. 

A Home Equity Conversion Mortgage (HECM) – also known as a reverse mortgage – has a refinance process similar to that of a forward mortgage – but there are some key differences to take into consideration.

When it comes to refinancing, the most important factor to make a refinance worthwhile, is that there has to be a distinct financial benefit for you. 

Whether it be in the form of a lower interest rate, or another key benefit important to your unique situation, it’s important to weigh these against the potential upfront costs of refinancing – such as closing costs and other fees.

When you took out your current reverse mortgage, it met your needs at the time. 

But you can’t predict the future. 

Perhaps your goals or your living situation have changed. Some of the rules and limits that govern reverse mortgages have also changed in recent years. 

Another change to account for is your home value. 

Home values have risen recently, so your home’s value may have appreciated. 

Along with your age and current interest rate, the value of your home is a primary factory in determining your loan amount. A higher home value may mean you can access additional cash by refinancing your reverse mortgage.

 Depending on your individual financial situation, there may be several benefits to refinancing your reverse mortgage:

  • Getting a lower interest rate or loan margin.
  • Accessing more equity to get more cash for living expenses.
  • Taking advantage of the current HECM lending limit of $970,800, which may be higher than your existing loan.
  • Protecting your spouse by adding them to the loan, which would keep them from having to sell the home if you were to pass away.

Plus, if your home is worth more than the HECM lending limit of $970,800, you may be able to get more cash by qualifying for a larger proprietary or jumbo reverse mortgage, such as Crown Reverse Mortgage Platinum. 

Is now a good time to refinance? Call us now at (805)-434-5226 to find out.

SHARON-it’s worthwhile for me

“So how do I know if it’s worthwhile for me?”


The National Reverse Mortgage Lenders Association (NRMLA) created something called the “5-5 Rule” to help lenders determine if refinancing is in the borrower’s best interest:

  • The increase in the principal loan amount must be equal to or more than five times the loan closing costs.
  • The loan proceeds must be equal to or more than 5% of the amount being refinanced.

Crown Reverse Mortgage is committed to offering you the best guidance to help you make an informed decision. We’ve provided answers below to some of the questions our customers ask most often.

Interested in refinancing? Call us at (805) 434-5226, or complete the form on this page. A Crown Reverse Mortgage expert can discuss your situation with you to help you decide if a refinance is right for you—and give you more information on all the reverse mortgage options we have to offer.

3 Questions and Considerations for Reverse Mortgage Refinancing:

Refinancing a reverse mortgage is a lot like refinancing a conventional one—you exchange your current loan for a new one that’s better suited to your situation. Perhaps you can get a lower interest rate or access more equity, depending on the terms of refinancing.

Qualifying for a reverse mortgage refinance requires meeting some specific criteria. The good news is that you’ve already qualified for a reverse mortgage before, and refinancing qualifications may be similar or identical, depending on when you took out your original loan. Here’s a recap below.

For HECMs, borrowers must:

  • Be age 62 or older
  • Use the home for their primary residence
  • Own the home outright, or have paid off a substantial amount of the original mortgage
  • Not be delinquent on a federal debt
  • Be able to meet financial obligations such as property taxes, homeowners insurance and home maintenance, including homeowners association fees

Reverse mortgage lenders may also look at earnings, assets, living expenses, and credit scores to make sure the borrower will be able to meet their obligations. Plus, every borrower has to meet with a HUD-approved counselor to ensure they fully understand their options and obligations.

There are also FHA requirements for the property to qualify. For example, it must be a single-unit home with the owner living in it, have no health or safety hazards, and the owner must carry flood insurance if the property is in a high-risk area.

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Rated 4.8/5 by 674 homeowners just like you