Reverse Mortgage Interest Rates

Here is anothe consumer safegaurd for the HECM (Home Equity Conversion Mortgage) which is FHA's reverse mortgage.

Standard & Capped Interest Rates. The interest rate is the same no matter which lender a senior chooses. On HECM, interest rates are adjusted either monthly or annually (the borrower chooses) and based on an index called the 1-year U.S. Treasury Constant Maturity Rate published weekly by the Federal Reserve. Both the monthly and annually adjusted rates have lifetime caps. On other products, different indexes are used.

Feel free to contact me for exact information on current rates.

Till next time, have a blessed day...