Reverse mortgage interest rates are down slightly this week from last week.

Jumbo Reverse Mortgages (non-FHA):
Variable Jumbo Reverse Mortgage: 5.96% (LIBOR index plus 3.5% margin)
Fixed Rate Program: 8.875%

Home Equity Conversion Mortgage – FHA Reverse Mortgage:
Variable rate is at 3.85%. It is based on the 1 Year CMT index plus a margin of 1.5%.
Fixed rate is at 6.18% to 6.60% (depending on the lender)

Please request a reverse mortgage quote for interest rates details, Total Annual Loan Cost and for loan disclosures.

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Home Equity Conversion Mortgage – HECM – FHA Reverse Mortgage:
Variable rate is at 3.96%. It is based on the 1 Year CMT index plus a margin of 1.5%.
Fixed rate is at 6.43% to 6.92% (depending on the bank)

Non-FHA Jumbo Reverse Mortgages:
Fixed Rate Jumbo Reverse Mortgage: 8.750%
Variable Jumbo Reverse Mortgage: 5.95% (LIBOR index plus 3.5% margin)
Financial Freedom Cash Account Advantage Reverse Mortgage: Closed
Countrywide / Bank of America Jumbo programs: Closed

These interest rates are not an APR or Total Annual Loan Cost (TALC) rate as they do not include fees. Please request a reverse mortgage quote for this information and all disclosures for California Reverse Mortgages.

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FHA Reverse Mortgages (Home Equity Conversion Mortgage or “HECM”)
The fixed rate HECM is at 6.30% to 6.68% (depending on the lender)
The HECM rate is at 4.07%. It is based on the 1 Year CMT index at 2.57% plus a margin of 1.5%.

Jumbo Reverse Mortgages (non-FHA):
Fixed Rate Jumbo Reverse Mortgage: 8.875%
Standard Jumbo Reverse Mortgage: 6.65% (variable, LIBOR index plus 3.5% margin)
Financial Freedom Cash Account Advantage Reverse Mortgage: Closed
Bank of America / Countrywide Jumbo programs: Closed

Ask for a reverse mortgage quote to see the Total Annual Loan Cost since the rates above exclude other loans costs and fees.

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I just was honored with the privilege of becoming a contributor on the mortgage industry blog Lenderama.

Of course, I will continue to post here - more frequently than over at Lenderama - don't want to overwhelm them!

Cheers!

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