Larry McAnarney
815-703-4745

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.

Verified Reviews

(233)

Thanks Again Larry treated me very well and helped me go thru the indepth process!!! Thanks again

W Hammond — Sep 7, 2015

Delight to Work with Larry Larry McAnarney was such a delight to work with. He handled everything with professionalism, but was also very personable, which helped calm a lot of nerves. All my questions were answered satisfactorily, and throughout the process, Larry kept me informed and updated, and he kept to his word at all times. I have a check in the bank and can now do what I had initially needed this reverse mortgage for. I am so glad he was recommended to me, and I now recommend him to anyone who needs assistance with reverse mortgage. .. it's definitely not as scary as we all are made to think! Thank-you Larry... God bless you!!!

Nancy M — Jul 22, 2016

Easy to Communicate with and Prompt in Responding Larry was very helpful in explaining the reverse mortgage process and what to expect. He was easy to communicate with and prompt in responding to questions.

Lynne P — Jul 2, 2024