Mortgage protection for senior borrowers

Senior borrowers stand to benefit from new interest rate "locking" on reverse mortgages. They'll receive more money if rates dip before closing, according to the National Reverse Mortgage Lenders Association, but be protected if rates rise.

The new protection is called the "principal limit" lock, the NRMLA said in a release. It freezes the expected interest rate on federally insured Home Equity Conversion Mortgage reverse mortgages for up to 60 days from the date seniors apply.

Previously, if rates increased between application and closing, the borrower received less money.

Call 1-888-973-8377 to speak with a Reverse Mortgage Specialist.