Tuesday, October 9, 2007
Corey Matelli of The Reverse Mortgage company just spoke at my BNI networking meeting this morning about reverse mortgages. One interesting thing I learned was reverse mortgages can be refinanced. A client of his who took out a reverse mortgage two years ago, recently refinanced out another $180,000. Her house had appreciated in the last two years and she had also aged another 2 years. Both of these criteria allowed the bank to put a new loan in place and she walked with a large sum of money. There is definitely a misconception about the permanence of reverse mortgages. If you are 62 years of age or older, this very well may be a great solution for you. Corey's website is very helpful - check it out.