Jun 17 2008
Interest Rates on Reverse Mortgages in California
Non-FHA Jumbo Reverse Mortgages:
Fixed Rate Jumbo Reverse Mortgage: 9.00% (available on home values up to $10,000,000)
Financial Freedom Cash Account Advantage Reverse Mortgage: 7.010% (Index is 6 month LIBOR at 3.51% plus margin of 3.5%)
Senior Lending Network EPA Jumbo: 5.95%
FHA Reverse Mortgages:
The fixed rate HECM is at 6.81% to 7.00% (depending on the bank)
The HECM, which is the FHA Home Equity Conversion Mortgage rate is 4.01% (Index is the 1 Year CMT at 2.51% plus a margin of 1.5%)
A reverse mortgage quote will provide the details such as Total Annual Loan Cost. The rates above do not include closing costs.
