A second order interface anchoring method has been developed and used with fast sweeping algorithm for reinitialization of a level set function. The algebraic anchoring formulation ensures that the location of the actual interface is preserved, leading to better mass conservation property. It also provides high order accurate algebraic constraint for solving the Eikonal equation on a finite difference grid. Geometric properties of the interface such as surface normal and curvature are subsequently computed from the reinitialized distance function. Various analytical functions for modeling distortion in level set field are considered and accuracy of reinitialization is evaluated using first and second order anchoring schemes. It is also shown that accurate computation of interface curvature requires a high order anchor in addition to a high order fast sweeping method. Mass conservation property of reinitialization is also analyzed by considering test problems from literature including the classic Rider–Kothe single vortex problem. The formulation is suitable for efficient parallelization for both distributed memory and on-node shared memory parallel systems. Scalability and performance of the reinitialization scheme on multiple architectures are demonstrated.