You may qualify for a
Refinancing an existing reverse mortgage allows you to convert the equity in your home into a lump-sum payment, monthly income, or a line of credit.
No refinance payments are made on the loan until you no longer occupy the home as your primary residence. When you move or sell your home, the loan balance is due and payable. However, the loan balance is never allowed to exceed the value of your home.
What are the eligibility requirements for a reverse mortgage refinance?
The allowable refinance equity is calculated based on three factors:
What fees are involved in a reverse mortgage refinance
Requirements of a reverse mortgage refinance
You can still refinance your home even if it needs repair, providing you or your equity can pay for the repairs. Some repairs can even be done after you complete the refinance.