One of the factors many do not realize, interest rates do effect Reverse Mortgages, besides how fast or slow the balance increases over time.  It is one of the factors that effects how much the borrower can borrow against their equity.  So, the lower the interest rate, the more they can borrow initially and the slower their balance will increase over time.  The higher the interest rate, the less they can borrow initially, and the faster the balance will increase. 

One more thing to keep in mind about Reverse Mortgages, while they are not necessarily for everyone, they provide many benefits, with few qualifying restrictions.  Including people with bad credit.  Some situations can hasten the ability to get approved - IE: in foreclosure.  And some can delay - IE: if in Bankruptcy.  once cleared of bankruptcy, they can qualify, but not while in bankruptcy.  While there are some other little things, some of the first restrictions that must be met, is, they must be 62 or older (the youngest person if married), they must own their home with a qualifying amount of equity, and they must live in, and it must be their primary residence (at least one of the two if married).   Most that at least meet these requirements, will be able to successfully obtain a Reverse Mortgage, and get relief from some of their financial problems.  Keep in mind one other thing, they must continue to pay their homeowners taxes, including flood insurance, as well as property taxes.  So they need to allow for this expense down the road.

If you know someone over 62 that is struggling to make ends meet, have them look into a Reverse Mortgage.  They are much better than some of the original private mortgages that started years ago, and with many more safeguards to protect the borrower & their heirs.  If they live in Southwest Florida, have them, or their mortgage broker, or title company, call Southwest Florida Notaries, and we will actually go to them to have their mortgage papers explained and signed.  If they live elsewhere in the country, search Active Rain for a qualified Notary Signing Agent that can go to them and give them the convenience of signing their papers in the comfort of their home, not the title companies office.

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Title companies & mortgage brokers, help your borrowers - arrange to have their loan signed and notarized in their home, at their convenience

Browse The Rain for a qualified Notary Signing Agent in your area.

Southwest Florida Notaries is open for your mortgage closing 24/7 at your location