Reverse-Mortgage-Truth.com

Reverse mortgage interest rates are down again this week.

Home Equity Conversion Mortgage – FHA Reverse Mortgage:
Variable rate is at 3.75%. Index is the 1 Year CMT index plus a margin of 1.5%.
Fixed rate is at 6.18% to 6.45%

Non-FHA Jumbo Reverse Mortgages:
Jumbo Reverse Mortgage: 5.97% (variable LIBOR index plus 3.5% margin)
Fixed Rate Program: 8.750%

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

California Reverse Mortgages

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.

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.