Reverse mortgage interest rates are down slightly this week. Here they are for the most common reverse mortgage programs.
Home Equity Conversion Mortgage (HECM) FHA Reverse Mortgage:
The HECM rate is down this week to 3.85%. Index is the One Year CMT index plus a margin of 1.5%.
The fixed rate HECM is at 6.18% to 6.60% (depending on the bank)
Fannie Mae Home Keeper Reverse Mortgage is at 5.875%
Non-FHA Jumbo Reverse Mortgages:
Variable Rate Jumbo Reverse Mortgage: 5.96%
Fixed Rate Jumbo Reverse Mortgage: 8.875%
Luke
New external blog: http://reversemortgagescalifornia.activerain.com/
Disclaimer: Of course, interest rates do not include closing costs which vary. A reverse mortgage quote will provide the details like closing costs and the Total Annual Loan Cost.
Thanks for the information. We are looking into a reverse mortgage and find it very interesting.
Linda,
Let me know if I can be of any help to you. Our company offers every reverse mortgage program out there, and I'd be happy to explain the pros and cons of them. Our web site below also has a wealth of information.
Luke
866-311-3360
www.reverse-mortgage-info.net