Melt the cream cheese in a large skillet over very low heat. Stir in the refried beans, sour cream, taco seasonings, green chiles, ground cayenne pepper, 1/2 cup Monterey Jack Cheese, and 1/2 cup cheddar cheese; cook until smooth and slightly melted. Spoon into a 9×13 casserole dish and top with the remaining cheese.
Bake for 25-30 minutes or until cheese is melted. Serve with tortilla chips.