What’s New in 2023!
Reverse Mortgages are continually changing and improving, and 2023 brought some exciting updates. Here are just a few of the new updates:
- Conforming loan limits increased to $1,089,300 which means you can access a higher (in many CA Counties — check with us about loan limits in your County) Reverse Mortgage loan amount
- Second lien Reverse Mortgage program is now offered
- Reverse Mortgage loans up to $4M now available
- You can refinance your existing Reverse Mortgage which allows you to access more of your home’s equity, or secure a lower interest rate, or get an increased line of credit. You may be eligible if your home’s value has increased since the start date of your Reverse Mortgage or when you last refinanced, and it has been at least 12 months since then.
- New Hybrid loan that lowers your required payments to an interest-only payment for 10 years, and then eliminates payments after 10 years which improves your cash flow and eases your transition into retirement
Let us know if you have any questions or want more information about any and all of these exciting new loan programs. We are ready to help you understand everything about Reverse Mortgages.
