You would also want to consider refinancing for an interest rate that is not 2 % lower if you have built equity on your home and you want to get cash out of it. (badcreditloanservices.com)
You must have built enough equity on the home before you can qualify for reverse mortgage. (myfinancekits.com)
An appraisal may be required in order to properly determine the amount of equity on your home. (fha.com)