Larry McAnarney
815-703-4745

Reverse Mortgage Interest Rates

Understanding Reverse Mortgage Interest Rates

Reverse mortgage interest rates vary depending on which product is being discussed. The most popular reverse mortgage is the Home Equity Conversion Mortgage (HECM), or HECM Reverse Mortgage. There are fixed rate reverse and adjustable rate reverse mortgage programs. The fixed rate programs require lump sum distribution, while the adjustable rate programs offer many options including line of credit (with growth), monthy payments to the borrower, or lump sum distribution. Adjustable rate reverse mortgage interest rates for the HECM are based on the LIBOR index. Although the reverse mortgage program is administered by the Federal Housing Administration(FHA)there are differences between lender costs and rate options so you are encouraged to shop. There is also a cap on how high the reverse mortgage adjustable rate is allowed to go. This was implemented as a safeguard for the borrower.

To learn more about reverse mortgages, or to request Information on Reverse Mortgages, please Contact us today. There is no obligation, and the information is free. You may visit the following link to return to the ReverseMortgage Com home page.

Verified Reviews

(216)

Very Helpful and Efficient Larry McAnarney was very helpful and efficient with us in putting together a refinance of our reverse mortgage. He was easy to work with and made this journey a pleasant and expedient task

Dennis & Gretchen P — Nov 22, 2021

Knowledgeable and Trustworthy I would never want to get this loan from someone who only does it once in a while because it is out of the range of basic knowledge. I have never done this myself and am not familiar with the options and nuances of the reverse mortgage products. It is obvious that Larry is very experienced with this particular product and keeps in constant contact so you are never left making decisions on your own. He was recommended to me by a family member and I would be comfortable doing the same

Nancy Z — Oct 27, 2020

Took Time to Explain Each Step Larry was very helpful and took time to explain each step and answer our many questions we had during the process. I would recommend him to my friends if they needed someone in his field. THANK YOU LARRY !!!

Phil & Georgia C — Dec 10, 2018