Reverse-Mortgage-Truth.com

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.

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.

Financial Freedom announced today that they are suspending their Cash Account Advantage program. This jumbo reverse mortgage was one of the first of it's kind in the industry and has helped thousands of seniors who have homes with high values. Like all jumbo reverse mortgages, it's loan amounts are not limited by the county FHA lending limits.

Fortunately, there are still several reverse mortgage lenders offering jumbo reverse mortgages. Contact your lender for a reverse mortgage quote.

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.