Make A Fixed Income Work: Refinancing A Traditional Mortgage Into A Reverse Mortgage


Transitioning into a comfortable retirement typically requires hard work, careful planning and the ability to reconcile your financial health with long-held aspirations. However, if retirement is nearing and the resulting fixed income threatens to derail the lifestyle you imagined, an underutilized and often misunderstood tool could get you back on track.

Add Income, Reduce Costs

A Home Equity Conversion Mortgage (HECM), often referred to as a reverse mortgage, can provide a route to more monthly cash flow and fewer expenses when it matters most. While some retirees may dismiss the idea without fully exploring it, changes to the product over the years have made it an option worth discussing with your financial advisor.

For starters, refinancing a traditional mortgage into a reverse mortgage, after the qualifying age of 62, can eliminate your monthly mortgage payment* and allow you to supplement income from the equity in your home. The combined benefit of eliminating a monthly bill and tapping into a new revenue stream could be just the boost your retirement plan needs.

Protect Your Investments

If added income is not the priority for you in retirement, a HECM could still play a critical role in optimizing your investments. Refinancing with a reverse mortgage offers access to your home’s equity on demand and can protect your nest egg in the event of economic downturn. Drawing funds from a reverse mortgage instead of your retirement portfolio can buy time for the market to recover, and avoid realizing immediate losses.

A Secure Option

Of course, one of the most significant benefits of converting your current mortgage to a HECM is that you can remain in the home for as long as your health allows*. Aging in place is among one of the top priorities for retirees, and the ability to supplement retirement income or savings without sacrificing a beloved home can place that desire within reach.

Once you are no longer living in the home, any loan balance remaining will need to be repaid, but as a government-insured loan, you won’t have to worry that you, or your heirs, will have to pay a debt that exceeds the value of the home at that time.

*Note that the home must be the primary residence of a borrower; the home must be generally maintained; real estate taxes, insurance, and any homeowners fees or dues must be paid.

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 | |

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>