The interest rate you receive on your reverse mortgage loan will be to most important factor in determine how much you will be able to borrow/receive today and how much will build up over the course of the loan. Just as with a forward mortgage (think of a refinance) where you would want to secure a low fixed rate this is the same concept with the reverse mortgage. The banks/lenders will be giving you a portion of the home’s equity upfront at a pre-determined and agreed rate – this varies wildly from bank to bank – this is where we started from with the concept of comparison shopping top HECM reverse mortgage banks to secure you the lowest interest rate possible.
***FHA (FEDERAL HOUSING ADMINISTRATION HAS ANNOUNCED ON CHANGES TO THE HECM PROGRAM WHICH WILL IMPACT THE FIXED RATE OPTION (STANDARD HECM REVERSE MORTGAGE). IF YOU HAVE A MORTGAGE BALANCE AND ARE CONSIDERING BORROWING THE MAXIMUM AMOUNT UNDER A LUMP SUM FIXED RATE HECM STANDARD YOUR WINDOW OF OPPORTUNITY IS NOW UNTIL THE PROGRAM IS ELIMINATED ON APRIL 1ST 2013. *** this is the right time to a reverse mortgage quote if you want a lump sum option at a fixed rate, after April 1st 2013 only the adjustable rate or fixed rate HECM Saver will exist.
For more information do no hesitate to contact our friendly call center staff - calls are toll free (888) 975-1367
Reverse Mortgage Lenders Direct inc. or *reversemortgagelendersdirect.com does not offer loans or mortgages. *reversemortgagelendersdirect.com is not a lender or a mortgage broker and does not provide mortgage relief assistance. *reversemortgagelendersdirect.com is a website that provides information about mortgages and loans and does not offer loans or mortgages directly or indirectly through any representatives or agents. By submitting or completing to quote form on this page or any page on this webiste you are authorizing RMLD inc to validate the information. Contact our support if you are suspicious of any fraudulent activities or if you have any questions.*reversemortgagelendersdirect.com is not responsible for the accuracy of information or responsible for the accuracy of the rates, APR or loan information posted by brokers, lenders or advertisers. The actual mortgage rate you qualify for will depend upon the verification of the value of your home, your credit score and other considerations.
*reversemortgagelendersdirect.com is not associated with the government, and our service is not approved by the government or your lender.
ReverseMortgageLendersDirect.com 3000 NE 30th Pl, Ste 203, Ft. Lauderdale, FL 33306 888-975-1367
HECM fixed reverse mortgage: lowest rates 4.5%
HECM fixed saver reverse mortgage: lowest rates 4.75%
HECM libor ( adjustable ): lowest rates 2.5%
HECM Saver Libor ( adjustable ): lowest rates: 2.50%
servicing fee: $0 ( some lenders charge $15-30 month which adds to thousands over loan life)
FHA lending limit: $625,000 for 2013 ( Federal Housing Administration )Total Interest Rate charged (APR) to a reverse mortgage is the Margin + Index + Monthly Mortgage Insurance of 1.250%.
The HECM rates will allow you to compare loans with other lenders, it will ultimately determine your borrowing costs, how much money you will receive (upfront or for lifetime income), and whether it is a good time to even consider getting a reverse mortgage. As of January 21st, 2013 rates are still at all time low’s so it is recommend that seniors consider the reverse mortgage loan option now as locking in a low rate will save you or allow you to keep more equity. Besides the interest rate you should consider the origination fees involved with your loan as some lenders will not charge you an origination fee.
*** Trying to perfectly time the interest rates market can backfire – we can advise that when rates are as low as they are they usually or they can only really increase from here – a .25% interest rate difference can lead to substantial savings long term. ***
For even more information we suggest you review the following resources.