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Reverse Mortgage Interest Rate

Daryl Said:

Is it a good time to obtain a reverse mortgage with the interest rates low?

We Answered:

As of April 1, 2009, all reverse mortgages went to "live pricing," meaning interest rates and margins will be fixed daily, not weekly. Thus, when seniors are shopping for reverse mortgages, they must be sure to compare apples to apples because originators (salespeople) may try to hoodwink even the sophisticated potential borrowers by backdating their Good Faith Estimates and quoting products that are not even available on the market any longer. Make sure to do your homework and read up on what is current, as real estate loans of any kind are changing rapidly with the times.

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