Can u get a reverse mortage, if you have just refinanced?

Question

It has been four months since we refinanced

Answer 1

if you meet the criteria yes. These are tricky mortgages. you must meet the age and lon to value ratio on the home.

Answer 2

You can only get a reverse mortgage if you have substantial amounts of equity (over 50%) in your home. Since you just refinanced, you probably don't have that much equity. The downside to a reverse mortgage is that if you do get one, the bank pays you each month until you die, and then the bank owns the house!

Answer 3

I'm not familiar with any reverse mortgages that allow you to already have an existing mortgage or equity line in place. i'm not sure what your intentions were with looking at reverse mortgage options or whether you just need some more cash out after refi'ing.

reverse mortgages are typically associated with situations where a home is owned free and clear. older homeowners who are cash poor but equity rich want to tap this asset for normal living expenses or more. in that situation the lender just sends you a check every month, slowly increasing the balance of the loan + interest with no obligation for repayment unless you croak or the home is sold.

based on the tid bit of info in your question I'd say the reverse mortgage wouldn't be available for you just based on the fact that you've already got a loan (s) on the home.