Reverse Mortgage Interest Rates

Understanding Reverse Mortgage Interest Rates

Reverse mortgage interest rates vary depending on which product is being discussed. The most popular reverse mortgage is the Home Equity Conversion Mortgage (HECM), or HECM Reverse Mortgage. There are fixed rate reverse and adjustable rate reverse mortgage programs. The fixed rate programs require lump sum distribution, while the adjustable rate programs offer many options including line of credit (with growth), monthy payments to the borrower, or lump sum distribution. Adjustable rate reverse mortgage interest rates for the HECM are based on the LIBOR index. Although the reverse mortgage program is administered by the Federal Housing Administration(FHA)there are differences between lender costs and rate options so you are encouraged to shop. There is also a cap on how high the reverse mortgage adjustable rate is allowed to go. This was implemented as a safeguard for the borrower.

To learn more about reverse mortgages, or to request Information on Reverse Mortgages, please Contact us today. There is no obligation, and the information is free. You may visit the following link to return to the ReverseMortgage Com home page.

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Power of Attorney Larry McAnarney was very helpful with my reverse mortgage application and execution. I had a situation where my wife couldnt sign, so I had to use a power of attorney. Larry was very understanding and helpful throughout the process.    

Al & Linda M — Aug 7, 2019

Elderly Family Member We worked with Larry McAnarney to secure a reverse mortgage for an elderly family member. From beginning to end of this rather complicated process, Larry was extremely efficient, helpful, and knowledgeable. He shared with us all of the elements of this type of mortgage arrangement, explained clearly how it would work, and advised us of possible misunderstandings. When we had questions (as we did on multiple occasions), he answered them promptly and efficiently, both by email and telephone. He also followed up quickly to clarify some final issues and questions that arose as the closing approached and even after it had been completed. His manner was always professional and well informed. I would strongly recommend working with Larry in any matter related to mortgage financing or refinancing, especially so in regard to making a wise decision about a reverse mortgage.

Daniel P. — Mar 16, 2015

Very Professional Larry was the best! Very professional. I'm in the real estate business as a Broker and Certified Appraiser I will pass his name and firm on to all my real estate friends. Thanks Larry

John M — Oct 6, 2022

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