When you have little equity in your home or owe as much on your mortgage than your home is worth, it can be difficult to refinance.

If you’re current on your mortgage and have a loan owned by Fannie Mae or Freddie Mac, you may be eligible to refinance through the Home Affordable Refinance Program (HARP). Created by the Federal Housing Agency, HARP refinancing could save you money with a lower rate or other more favorable terms.

Veterans, active duty personnel, and retirees can refinance an existing VA loan and received a lower interest rate through the VA Interest Rate Reduction Refinance Loan (IRRRL). You can also refinance an adjustable rate mortgage into a fixed rate mortgage.

If you have equity in your home and need money to pay for home renovations, medical, and daily living expenses, or simply want to pay off your existing mortgage and eliminate the monthly mortgage payment, then the Home Equity Conversion Mortgage (HECM) loan program may be an option.

The HECM loan is for seniors age 62 and older and is insured by the Federal Housing Administration (FHA). Otherwise known as a reverse mortgage, the HECM loan uses a home’s equity as collateral, and the amount of money the borrower can receive is determined by the age of the youngest borrower, interest rates, and the lesser of the home’s appraised value, sale price, and the maximum lending limit. Generally speaking, the loan does not have to be repaid until 6 months after the last surviving homeowner moves out of the property or passes away.