Rates on Fixed Rate Reverse Mortgages have increased slightly to 5.63% from 5.56%. That is still a fantastic rate. For more information visit www.mlsreversemortgage.com.
Fixed rate reverse mortgages continue to gain popularity, although they are not right for everyone. They require a full draw of all funds available, which means that you start accruing interest at closing on your full loan amount. Adjustable rate reverse mortgages allow for a line of credit. With the line of credit, you only accrue interest on the money drawn.
Questions? Call Josh Borba at 1-888-888-4834 ext. 102.