09/07/2026
Reverse Mortgages: Should Retirees Consider One?
Over the years at Liberty Mortgage, I’ve heard every myth about refinancing—so let’s set the record straight. First, always shop around: gather at least three quotes on the same day and compare the APRs, not just the rates. This gives you a clear view of lender fees and puts you in a stronger position to negotiate. Remember, refinancing isn’t free—closing costs typically range from 2% to 5% of your new loan. Before you move forward, take a moment to calculate your break-even point. Just seeing a lower rate doesn’t guarantee you’ll save money, especially if you restart the clock with a fresh 30-year term, which can mean more interest in the long run. Refinancing simply swaps your old primary lien for a new one, so it shouldn’t complicate selling your home down the road; just be sure to approach cash-out options with care. And yes, there will be a credit check. Strong credit and a debt-to-income ratio below 36% help you secure the best offers. Even if you’ve been turned down before, it’s often possible to improve your profile and try again. Having worked with many military families and first-time refinancers, I know that understanding these details puts you in control of your financial future.
