Reverse Mortgage Pros and Cons – What You Need to Know Written by LeeAnn Reynolds on October 18, 2017. So you’re thinking about getting a reverse mortgage. If you’re at least 62 years old and meet all of the requirements, a reverse mortgage can be a great way to access extra funds.At the same time, a lot of people aren’t sure whether or not a reverse mortgage is right for them.
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The majority of reverse mortgages come with adjustable rates, which could have an impact on the cost of the loan over the length of the term. If you are not living in the home for any reason whatsoever over the continuous year, you will be considered as having moved out and the loan is then due for reimbursement.
A reverse mortgage is a fantastic way for seniors to receive financial benefits and eliminate all monthly mortgage payments. The interactive map below allows you to get a snapshot of 2017 reverse mortgage rates for each state.
If you’ve thought about taking a reverse mortgage, be aware that new rules might make it harder for you to qualify Are Reverse Mortgages Helpful or Hazardous? Often considered a loan of last resort for older retirees, reverse mortgages are there for homeowners who worry about outliving their savings
Reverse mortgages are increasing in popularity with seniors who have equity in their homes and want to supplement their income. The only reverse mortgage insured by the U.S. Federal Government is called a home equity conversion mortgage (hecm), and is only available through an FHA-approved lender.
Until 2007, all reverse mortgages were adjustable. According to a report released by the Consumer Financial Protection Bureau in 2012, 70% of loans are fixed rate. In 2013, the FHA made major changes to the HECM program and now less than 90% of reverse mortgage loans are adjustable.
Adjustable Reverse Mortgage Interest Rates. The rate that you pay is the total of the index and the margin. For example, if the current LIBOR is .90 percent and the lender’s margin is 2.1 percent, the fully-indexed rate is 3 percent. Two other factors will play into adjustable interest rates over the life of the loan.
Reverse Mortgage Interest Rates. In 2015 a total of 56,363 reverse mortgages were closed with interest rates averaging approximately 3.38 percent, representing $9.3 billion in loan financing. Massachusetts had the lowest average interest rate at 3.09 percent, while Wyoming had the highest average rate at 3.53 percent.