Can a reverse mortgage be refinanced or modified?

Yes and no. Reverse mortgages can be paid off with a refinance like any other mortgage loan. However, it is not generally possible to modify an existing loan. To change the terms of the loan, in most cases, it will need to be refinanced. Refinancing can provide more favorable terms or additional funds if the home’s equity has increased. It is also a way to add a new borrower to the loan, for instance, when a non-borrowing spouse reaches the eligibility age. Learn More