can one re-finance a reverse mortgage,after a few years on the program?
You can refinance if there is a net benefit to the borrower. HUD has a so called 5 to 1 rule where they want the borrower at minimum, to see a return of 5 times the cost of the refinance. Since the mortgage insurance is less on a refi, its a bit easier to meet that 5 times rule but there are lenders that will allow a refinance if there is a 20,000 benefit to the borrower but the borrower has to sign a disclosure saying they need the difference in returns. Please let us know if you need additional information.
