Question 1

Can you refinance an existing reverse mortgage?

Accepted Answer

Yes. If you already have a HECM, you can refinance it into a new HECM (a "HECM-to-HECM refinance") when there's a real, measurable benefit. People most often do this to access more funds after their home has gained value, to improve terms when rates have dropped, to switch product type, or to add a spouse to the loan.

Question 2

Will refinancing get me more money?

Accepted Answer

It might — but it isn't guaranteed. How much (if any) additional money is available depends on your age, current interest rates, your home's current value, and your existing loan balance. The honest answer comes from running your specific numbers, which we're happy to do at no cost.

Question 3

What rules protect me from a bad refinance?

Accepted Answer

Federal "anti-churning" rules require a refinance to provide a genuine benefit: The increase in your principal limit must be at least five times the closing costs (the "5-times benefit" rule). Overall, the refinance must give you a genuine net benefit — meaningfully more borrowing power than it costs. On a HECM-to-HECM refinance, upfront FHA mortgage insurance is charged only on the increase in your home's maximum claim amount (the FHA-capped value). These exist so a refinance has to deliver real value, not just new fees.

Question 4

When is refinancing NOT worth it?

Accepted Answer

When the costs would outweigh the benefit: Today's rates are higher than your current rate. Your home value hasn't changed much. You'd reset closing costs for only a small gain. If a refinance wouldn't truly help you, we'll tell you so.