Most homeowners who were eligible for the Home Affordability Refinance Program were able to reduce their monthly payment by lowering the interest rate on their mortgage. Other homeowners used HARP to convert their adjustable rate mortgage (also referred to as an ARM-Loan) into a more predictable, fixed-loan program (e.g. 30-year fixed mortgage.
Who Is Eligible For Harp Refinance
loan depends largely on current interest rates. The amount of home equity you can borrow is tied directly to the interest rate available at the time you get your reverse mortgage.One of the big changes is that the amount you will be able to borrow with a HECM