WHAT IS A Cash Out Refinance?
With this program you will receive all of your funds immediately to do with as you please. This program is exclusively available as a fixed rate loan.
Clients who select this option will be able to access the amount permitted under the first-year’s withdrawal limit. This means you won’t get as much total loan amount as you would be eligible for with an adjustable rate, but will retain a higher equity position in your property.
The Cash Out option is ideal for those who want funds as soon as possible. If you desire more information on the Cash Out program contact a Senior Security Advisor.
How Much Money Can I Receive From a Cash Out Refinance?
- The specific amount depends on several factors, including:
- Your Age
- The Type of Reverse Mortgage you Select
- Current Interest Rates
- Appraised Value of Your Home
What Are the Different Ways I Can Receive Funds From a Cash Out Refinance ?
- There are a few different ways you can choose to receive funds from a cash out refinance:
- Lump Sum
- Monthly advances (For a fixed length of time or as long as you live in the house)
- Line of Credit (Allows you to take funds when you need them)
- Or a combination of the above
What Can You Use the Funds From a Cash Out Refinance For?
Rainy Day/Emergency Funds
Travel and Leisure Activities
Making Home Improvements or Repairs
Educational and Personal Growth