Current Reverse Mortgage Interest Rates

by Charles
(Houston, Texas, USA)

Ask Kate about Current Reverse Mortgage Interest Rates and HECM (FHA): Hi Kate, I am about to effectuate a reverse mortgage loan that I researched over the internet.

Charles continues... I am wondering if a 4.99% rate and a 6.5% annual interest rate are reasonable for a reverse mortgage loan in today's market.

Second, I am seriously considering acquiring the assistance of an attorney that has expertise in the reverse mortgage arena since this type of loan is quite different than the usual conventional, FHA and VA loan processes that I have previously experienced on my own.

Perhaps, you could share your thoughts and even perhaps point me in the right direction as far as an expert in this area.

Thanks, Charles

Kate Answers: Current Reverse Mortgage Interest Rates and HECM (FHA)

Dear Charles, I wish I was equipped to know if those current reverse mortgage interest rates are competitive but truthfully I am not.

I think it is always prudent to ask about the spread between the mortgage rate and APR (annual percentage rates.) Of course I know better than to hault my mortgage comparison at APR or interest rates alone.

Mortgage applicants should analyze the overall cost of the mortgage also.

Because Reverse Mortgage is a bird of a different feather, I like your idea of digging deeper for more help and possible attorney representation.

Local Reverse Mortgage Information

In my mortgage directory is a loan originator specializing in Reverse Mortgages, Kathie Adler. You can find Kathie in my mortgage directory at List of Mortgage Companies in New York.

Although Kathie is not in your area, she may be able to direct you to local reverse mortgage information and support.

In addition, I have several pages on my website discussing Reverse Mortgages, both conventional and FHA. Here they are!

Finding The HELP You Need For Reverse Mortgages

What Is A Reverse Mortgage? Simply put, these specialty mortgages are equity loans created to produce income for homeowners without a monthly payment.

Dare to dream and take advantage of Reverse Home Mortgage income to lead a fuller life.

Disadvantages Of Reverse Mortgages can be overcome with professional evaluation. First of all, are you over the age of 62?

Not to be confused with home equity loans, Reverse Equity Mortgages require no repayment until the house is sold or the homeowner no longer lives in the house.

Lifetimes are spent creating homes. It's not surprising how popular the FHA Reverse Mortgage is among Seniors.

Ask Kate For Solutions - Ask a question to get an answer from Kate.

Reverse Mortgage Q and A - Questions regarding income for seniors minus the monthly payment, each with a individual answer from Kate.

Charles, one more thing. I'd like to hear back from you. Let me know if this page was helpful to you. Comment here on Current Reverse Mortgage Interest Rates and HECM (FHA).

Or Ask Kate another question here.

Best wishes,

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