09/07/2026
Reverse Mortgages: Should Retirees Consider One?
After more than two decades in the mortgage business, I’ve seen a lot of common misunderstandings around refinancing. Here are a few key points I always encourage my clients and team to keep in mind:
First, when shopping for a refinance, it truly pays to get at least three same-day quotes. Compare the APRs—not just the interest rates—so you can see lender fees clearly and have more leverage when negotiating. Remember, refinancing isn’t free. Closing costs typically run between 2% and 5% of your new loan, so it’s important to crunch the numbers and know your break-even point before moving forward.
A lower rate might look appealing, but if you refinance into a new 30-year loan, you could end up paying more in total interest by resetting the clock. Also, refinancing replaces your primary lien with a new one, which shouldn’t complicate a future sale—but be extra careful with cash-out options.
Expect a credit check as part of the process. Generally, a strong credit score and a debt-to-income ratio under 36% will open up the best offers. And if you’ve ever been denied before, don’t get discouraged—many borrowers improve their situation and reapply successfully.
Having helped hundreds navigate these waters, I know the value of a thorough, informed approach. Whether you’re considering refinancing or just want to understand your options, it’s all about making the numbers work for you and your family.
