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5 facts about refinancing a reverse mortgage loan

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In some ways, it's like any other refi
In some ways, it's like any other refi | Maskot/Getty Images

In some ways, it's like any other refi

If you've ever refinanced a traditional mortgage, some of the steps involved in refinancing a reverse mortgage loan will already be familiar.

You'll want to get quotes from your current lender and at least a handful of others, so you can compare rates, fees and terms.

Note that in the last few years, big banks like Wells Fargo and Bank of America have exited the reverse mortgage market. So if that's where your original reverse mortgage loan came from, you'll automatically be looking for a new lender.

You'll need a new reverse mortgage home appraisal. That cost depends on where you live and the size of your home, but the average is $450, according to the National Reverse Mortgage Lenders Association.

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