Refinance Reverse Mortgage Loans 2017-07-12T12:12:59+00:00

Refinance a Reverse Mortgage for Heirs

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Refinancing a Reverse Mortgage for Heirs

North Coast Financial is a hard money lender able to provide funding to refinance reverse mortgages in California. A reverse mortgage refinance is a financing tool often used by heirs who wish to maintain ownership of a reverse-mortgaged home they have inherited. Refinancing a reverse mortgage through a conventional lender such as a bank or credit union is generally not possible as conventional lenders will not provide a loan to a individual whose name is not on title of the property.

North Coast Financial is one of the top hard money lenders in California with over 35 years of experience. Offering quick approval and funding, very competitive rates and professional service, North Coast Financial has proven to be a reliable hard money lender able to fund various types of hard money loans. Contact North Coast Financial now to get a hard money reverse mortgage refinance loan funded fast.

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Reverse Mortgage Information for Heirs

How Heirs Can Refinance a Reverse Mortgage

Since conventional lenders are not able refinance a reverse mortgage in most situations, heirs are left with few options. Thankfully there are hard money lenders able to refinance a reverse mortgage in California. The hard money lender is able to make a loan to the estate and then allow the loan to be assumed and personally guaranteed by the heirs. Once this loan transaction has been completed the title to the property will be in the name of the heirs. Now that the title is in the name of the heirs they will be able to refinance into a lower-cost conventional loan.

A reverse mortgage refinance from a hard money lender can be funded within a week or two. This is a huge benefit to heirs who finds themselves in a situation where the original reverse mortgage lender has proceeded with foreclosure, leaving the heirs with limited time to act.

Reverse Mortgages

Reverse mortgages (also known as a home equity conversion mortgage (HECM)) are available to homeowners who are at least 62 years old and own their home with no existing mortgage or a have a small mortgage balance relative to the value of the home. A reverse mortgage is a home equity loan that does not require monthly mortgage payments while the borrower/home owner is alive and lives in the property. When the reverse mortgage borrower sells the property, no longer lives in the home or passes away the reverse mortgage loan will become due.

A reverse mortgage cannot be assumed by a deceased borrower’s heirs. The heirs must either sell the property or refinance the reverse mortgage if they intend to keep the home. Heirs wishing to refinance the reverse mortgage may have up to 12 months to complete the refinance.

Lenders don’t immediately foreclose on homes with reverse mortgages upon the death of the borrower. Heirs have the opportunity to pay off the reverse mortgage, sell the property or refinance the reverse mortgage. Reverse mortgage lenders often allow the heirs 6 to 12 months. The heirs must show the reverse mortgage lender they are taking action to have the loan paid off.

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North Coast Financial Reverse Mortgage Refinance Loan Programs

  • Reverse Mortgage Refinance Loans

Loan Application Approval TimelineSame day approval available
Time to Fund Loan1-2 weeks, faster funding available if needed
Property TypesSingle family home, multi-family home
Loan Amounts$30,000 – $2.5 Million+
Loan Terms12 months, longer terms available
Lien Position1st
Loan to Value (LTV)Up to 75% of current value of property
FeesNo appraisal fees (in most situations) and no hidden junk fees
Interest Rates and PointsPlease contact us for information on current rates and points
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