Refinance existing HECM Reverse Mortgage to new HECM Reverse Mortgage and take cash out

Yes you can - talk to someone local who specializes in Reverse Mortgages. You will want to be sure you really want to "cash-out," because there will be significant costs in doing so. Good Luck to you!!!!

Dear MikeCould you please give some reverse mortgage lenders who do business i IllinoisThanks andKind Regards

That should not be a problem. Check with the Loan Officer who did your existing HECM Reverse Mortgage and he or she should be able to help you.

You will be much farther ahead to pull cash out of your existing HECM, unless your property has increased a dramatic amount. The new guidelines that went into effect on September 30. 2013 have reduced the amount of cash available for new loans by 15% to 20%. Contact me at primefinancial@frontier.com, with your existing loan balance information and age, and I will check it out for you. HECM loans are all that I do.

Yes you can.