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Reverse Mortgage Refinance Calculator
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This calculated amount is an estimate and does not include loan costs, lender credits or other programs that you may be eligible for. A reverse mortgage consultant can provide a more in-depth analysis based on your unique situation.
We're proud to support our US Military Active Duty and Veterans.
That's why we offer a $500 discount in honor of those who have served.†
By submitting your phone number, you are providing your signature and express written consent to having Longbridge Financial LLC contact you about your inquiry at the phone number you have provided. You agree to be contacted via a live or automated prerecorded telephone call, text message, or email even if you have previously registered on a do not call government registry or requested Longbridge to not send marketing information to you. You understand that your telephone company may impose charges on you for these contacts, and you are not required to enter into this agreement as a condition of any Longbridge products or services. You understand that you can revoke this consent at any time by calling Longbridge Financial at 888-756-8676.
†Longbridge’s Military Discount Program is subject to change or cancellation at any time and without notice. This program offering is valid for a credit of up to $500.00 off allowable closing costs. This program offering can only be redeemed with Longbridge Financial LLC, and is available to U.S. military veterans, their spouses, and the spouses of deceased veterans. Documentation of military service is required; acceptable documents include DD214 Discharge papers, VA / military identity card, VA benefits summary/award letter for income, and the VA benefits letter. Loans must close and be funded with Longbridge Financial LLC as the lender in order to receive credit. The credit will be applied to the overall cost indicated on the HUD-1 Settlement Statement at the time of the closing. This offer is not available for Home Equity Conversion Mortgage for purchase transactions. This is not an offer to make you a loan, does not qualify you for a loan, and is not an official loan disclosure. Loan disclosures, including a Good Faith Estimate of closing costs, are provided upon receipt of a completed application. All loans are subject to approval. Program, rates, and additional terms and conditions apply and are subject to change without notice. Offer is not transferrable. This offer is not redeemable for cash or cash equivalents. Void where prohibited, taxed or restricted by law. Restrictions apply.
Here’s what people like you are saying about us.
I didn’t know I could refinance my reverse mortgage. Can Longbridge help me?
—SHARON
Yes, we can 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. We’re a full-service lender, with a variety of reverse mortgage products to help you live worry-free.
We can help you evaluate whether your current loan can achieve your goals, or if another loan would make more sense. And remember, we always offer competitive rates to our existing customers, as well as your friends and family.
Why would you want to refinance?
Perhaps your goals or living situation has changed since you took out your reverse mortgage. Some of the rules and limits that govern reverse mortgages have also changed over the years.
Another change to consider is your home value. Along with your age and current interest rates, the value of your home is a primary factor in determining your loan amount. If your home value has appreciated, it may mean you can access additional cash by refinancing.
Depending on your situation, there may be several benefits to refinancing:
- Getting a lower interest rate or loan margin
- Accessing more equity to get more cash for living expenses
- Taking advantage of the current HECM loan limit, 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 now worth more than the HECM loan limit, you may be able to get more cash by qualifying for a larger proprietary or jumbo reverse mortgage, such as Longbridge Platinum.
So, how do you know if it’s right for you?
- The increase in the principal loan amount must be equal to or more than 5X the loan closing costs
- The loan proceeds must be equal to or more than 5% of the amount being refinanced
How Reverse Mortgages Work
Reverse mortgages have become a popular financial tool for homeowners aged 62 and older who are seeking a consumer loan. A reverse mortgage loan allows senior homeowners to access the equity they’ve built up in their home over the years. Unlike traditional “forward” mortgages, reverse mortgages do not require monthly mortgage payments. Homeowners will still be responsible for insurance, property taxes, and maintenance; however, loan repayment is deferred until a maturity event occurs, such as when the homeowner no longer lives in the home. Since monthly mortgage payments are not required,1 seniors typically use their reverse mortgage funds as income tax-free2 cash.
Homeowners who want to qualify for a reverse mortgage must be at least 62 years old and have equity available in their home. Reverse mortgages work by allowing homeowners to convert a portion of their home’s equity into cash, based on the total equity available in the home. Loan proceeds can be received in the form of a line of credit, monthly payments, a lump-sum, or any combination of these options.3 Several factors effect the loan amount which you may qualify for, including your home’s value, your age, and certain property requirements set by the Federal Housing Administration (FHA). You can read more about these requirements here.
- As with any mortgage, you must meet your loan obligations by keeping current with property taxes, insurance, and maintenance.
- Consult a financial advisor and appropriate government agencies for any effect on taxes or government benefits.
- Borrowers who elect a fixed rate loan will receive a single disbursement lump sum payment. Other payment options are available only for adjustable-rate mortgages.
