By Steven Hyde, Founder, Hyde Funding · NMLS #391380. Reviewed December 28, 2026. Hyde Funding is a mortgage lender headquartered in San Diego, lending nationwide since 2015.
Short answer: Yes. You can refinance an existing reverse mortgage into a new HECM (a HECM-to-HECM refinance), into a proprietary jumbo reverse loan or into a traditional mortgage. Common reasons are to tap more equity after your home’s value rises, to add a spouse as a borrower, or to change the loan’s terms. A refinance brings new closing costs, so the benefit has to clearly outweigh them.
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Your home’s value may have risen, or HUD’s limit may have gone up, so more equity could be available. You may want to add a spouse who wasn’t on the original loan. You may want to switch from a fixed-rate lump sum to an adjustable rate with a line of credit. Or a higher-value home may be a better fit for a jumbo reverse.
A refinance comes with new upfront costs: mortgage insurance, origination and third-party fees. FHA’s anti-churning protections require lenders to disclose the costs and benefits of a HECM refinance. We show you in writing what you’d gain and what it would cost. If it doesn’t make sense, we’ll tell you. See reverse mortgage costs.
A HECM refinance generally follows the same steps as your original loan: counseling (which may be waived in limited cases), an application, an FHA appraisal, underwriting and a closing with a three-day right to cancel. See the timeline.
If your spouse was under 62 when you took out the loan and is now 62 or older, refinancing to add them as a co-borrower protects their right to stay in the home and keep drawing funds. Compare that with the non-borrowing spouse deferral.
For higher-value homes in areas like La Jolla or Encinitas, a proprietary reverse loan may provide more money than a HECM. It isn’t FHA-insured, so we compare protections and costs (jumbo reverse guide).
If you have the income and want to stop the balance from growing, a traditional refinance or paying the loan down may make sense (paying off early).
Whatever your question, these basics apply. A Home Equity Conversion Mortgage (HECM) is the FHA-insured reverse mortgage most homeowners use. The youngest borrower must be at least 62, the home must be your primary residence, and you need enough equity. Any existing mortgage is paid off at closing. Counseling with an independent HUD-approved counselor is required before you apply (HUD counselor search). The lender then reviews your income, credit and history of paying property charges.
No monthly mortgage payment is required. Interest and mortgage insurance are added to the loan balance, so it grows over time and your equity shrinks. You keep title, and you must keep paying property taxes, homeowners insurance and HOA dues and maintain the home. The loan is repaid when the last borrower, or an eligible non-borrowing spouse, sells, moves out permanently or passes away. A HECM is non-recourse: neither you nor your heirs will ever owe more than the home is worth when it is sold (CFPB). For higher-value homes, a proprietary jumbo reverse mortgage may be an option, but it isn’t FHA-insured and its terms differ. See how reverse mortgages work for a full walkthrough.
Bring this list to your HUD counseling session and to your call with Steven at (858) 775-1005.
Hyde Funding is a San Diego mortgage lender founded in 2015, with an office at 8996 Miramar Rd. Suite 250. Steven Hyde (NMLS #391380) will walk you through whether a refinance helps you in plain English and compare HECM and proprietary reverse options. Your family or advisor is welcome on the call. Every HECM borrower first completes independent HUD-approved counseling (find a counselor on HUD.gov). Start with a free reverse mortgage consultation, read the reverse mortgage hub, or see reverse mortgages in San Diego.
Yes, into a new HECM, a jumbo reverse loan or a traditional mortgage.
When the benefit, such as much more available equity or adding a spouse, clearly outweighs the new closing costs.
Usually, yes. Counseling may be waived only in limited circumstances.
Only by refinancing into a new loan with both of you as borrowers.
Talk to Steven: (858) 775-1005 · Free consultation · Apply now
Steven Hyde, NMLS #391380 (NMLS Consumer Access). Equal Housing Opportunity. Reverse mortgage borrowers must live in the home as their primary residence, keep paying property taxes, homeowners insurance and HOA dues, and maintain the home, or the loan may become due. The loan balance grows over time. HECMs are insured by FHA. Hyde Funding is not affiliated with HUD, FHA or any government agency. This is general information, not a commitment to lend. Consult a financial or tax advisor.