May 06 2008
California Reverse Mortgage Interest Rates
Proprietary Reverse Mortgages:
Financial Freedom Cash Account Advantage reverse mortgage: 6.37% (Index is 6 month LIBOR at 2.87% plus margin of 3.5%)
Bank of American Independence Plan 210 reverse mortgage and Independence Plan 360: Bank of America has suspended their proprietary reverse mortgage program.
FHA HECM Reverse Mortgage rate: 3.43% (Index is the 1 Year CMT at 1.93% plus a margin of 1.5%)
FHA Fixed rate Reverse Mortgage - HECM: 6.7% to 6.81%
These are interest rates, not APR’s and do not include closing costs. A full reverse mortgage quote can be found here.
