Reverse-Mortgage-Truth.com

The Southern California region is known for its high cost of living. From home maintenance, to uninsured medical bills, to prescription drugs, and even at home care, seniors are finding that it can be difficult to afford all the necessities on social security alone. That’s why many senior homeowners have turned to California Reverse Mortgages to help cover their expenses. And many of these seniors end up with plenty of leftover money to pay for enjoyable things, beyond the necessities as well. Many seniors are now able to take advantage of their home equity to enjoy a higher standard of living using this payment-free home loan.

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.

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.

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.