Can You Refinance a Reverse Mortgage?


Can You Refinance a Reverse Mortgage? The simple answer is yes. Much like a traditional mortgage, it is possible to refinance an existing reverse mortgage. Determining if it’s in your interest to do so can be a more complicated decision.

Despite its differences from a conventional mortgage – limited to homeowners age 62 and up, and providing a way to access existing home equity rather than putting you on a path toward building it – there are circumstances when refinancing your previous reverse mortgage is an option worth considering.


Of course, one of the most obvious reasons to explore your refinancing options is to take advantage of a lower interest rate. If current interest rates are at least two percent less than the rate of your original reverse mortgage, refinancing might be worth the up-front costs.

Similarly, if your reverse mortgage features an adjustable rate that could go up in the future, locking in the recent trend of historically low rates could be the right move. Regardless, you’ll want to take the time to calculate the costs and potential savings of refinancing. Because the length of your reverse mortgage is dependent on how long you remain in the home, you’ll want to evaluate multiple scenarios to make an informed decision.


If there’s been a spike in buyers in your neighborhood and the sale prices of similar properties have driven up your home’s value, refinancing could make your retirement even more comfortable.

Since a reverse mortgage taps into your home equity, refinancing after a significant bump in value means you’ll have additional funds at your disposal. Available as a lump sum or as payments over time, this increased income can supplement your current retirement planning. Your financial advisor can help you weigh the cost of refinancing against the added income it could provide.


Added protections since 2014 mean that recent reverse mortgages allow spouses to remain in a home after a borrower dies, even if the spouse was not a co-borrower on the mortgage. However, in those cases, they may not be eligible to receive additional payments.

If you have a reverse mortgage that does not include your spouse as a co-borrower, refinancing into a new one that includes them could provide much-needed peace of mind for your partner, particularly if you applied prior to 2014.

To find out more about how a Reverse Mortgage can work for you call Melinda Hipp , CRMP with Open Mortgage at 210-493-7332, email at or visit to learn more.

More about Melinda Hipp and Open Mortgage -

Melinda Hipp is Branch Manager with Open Mortgage|San Antonio and specializes in working with senior homeowners 62 and over who would like to access the equity in their home through a Reverse Mortgage. She has handled hundreds of satisfied Reverse Mortgage clients over the past ten years with many raving fans. She and her team are dedicated to giving you boutique service, a quick closing and personalized customer service.

Melinda regularly provides training to local real estate professionals and holds the designation of MBA, CRMP (Certified Reverse Mortgage Professional) and CMC (Certified Mortgage Coach.) Melinda is also an active member of NRMLA (National Reverse Mortgage Lender’s Association). An avid golfer, Melinda was a charter member of the San Antonio Chapter of the Executive Women’s Golf Association. She is currently a member of the National Reverse Mortgage Lender’s Association, Women’s Council of Realtors, San Antonio Board of Realtors, CRS and a board member of Golf San Antonio.

Melinda Hipp, CRMP | NMLS #219085

1870 W. Bitters Rd, Ste. 202
San Antonio, TX 78248
Office: 210-493-7332
Toll Free: 844-265-5513 | |

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