Reverse-Mortgage-Truth.com

FHA Reverse Mortgages:
The FHA Home Equity Conversion Mortgage (HECM) rate is the same as last week at 3.57% (Index is the 1 Year CMT at 2.07% plus a margin of 1.5%)
The FHA Fixed rate HECM Reverse Mortgage: 6.31% to 6.45% (depending on the bank)

Jumbo Reverse Mortgages:
Financial Freedom Cash Account Advantage Reverse Mortgage: 6.64% (Index is 6 month LIBOR at 3.14% plus margin of 3.5%)
Suspended: Bank of America Independence Plan Reverse Mortgage

Interest rates do not account for closing costs and are not APR’s. Feel free to contact us or your lender for a reverse mortgage quote.

Jumbo Reverse Mortgages:
Financial Freedom Cash Account Advantage Reverse Mortgage: 6.39% (Index is 6 month LIBOR at 2.89% plus margin of 3.5%)
Bank of America Independence Plan Reverse Mortgage: Suspended

FHA Reverse Mortgages:
FHA Home Equity Conversion Mortgage (HECM) rate: 3.57% (Index is the 1 Year CMT at 2.07% plus a margin of 1.5%)
FHA Fixed rate HECM Reverse Mortgage: 6.06% to 6.40% (depending on the bank)

Interest rates do not account for closing costs and are not APR’s. Contact a lender for a reverse mortgage quote.

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.

Wow, have interest rates gone up this week! The fixed rate HECM is up 0.3% and the LIBOR-based products are up 0.33%.

Jumbos:
Cash Account Advantage jumbo reverse mortgage: 6.52% (Index is 6 month LIBOR at 3.02% [rounded] plus margin of 3.5%)
Independence Plan 210 jumbo reverse mortgage: 5.12125% (Index is 6 month LIBOR at 3.02125 plus a margin of 2.10%)
Independence Plan 360 jumbo reverse mortgage: 6.62125% (Index is the 6 month LIBOR at 3.02125 plus a margin of 3.6%)

Conforming FHA:
HECM Reverse Mortgage rate: 3.17% (Index is the 1 Year CMT at 1.67% plus a margin of 1.5%)
Fixed rate Reverse Mortgage - HECM: 6.30% to 6.81% (depending on the lender)

Rates are not APR’s and include no closing costs. Click here for a reverse mortgage quote.