Right now is the best time for someone looking for a Reverse to Purchase or Reverse to Sell (see my other blog(. The supply is low and the demand is very high. The fixed rate has hit an all time low of 4.99% fixed, the lenders are all offering no service fee, and as a Reverse mortgage lender we are able to offer 0 upfront origination where the standard charge is normally up to $6,000.00. In addition to the very low rates, the lenders are offering no service fee which means an extra 3 to 5,000 in your clients pocket.
With the limits at $625,500 for the rest of this year it seems this spring is going to be the best time to capitalize on a reverse mortgage even with the lower home values that we are experiencing. These rates are going to go up with the currently rising interest rates. Keep the reverse in mind for all of your senior clients that may want to buy a 2nd home to capitalize on these amazingly low purchase prices.
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