Posted on: 30th Apr, 2013 02:47 am
Do you we have any different Reverse mortgage rates.Anybody have experience on reverse mortgage rates.
In the present times, though fixed rate for reverse mortgages may be available; most reverse mortgage products come with a variable interest rate. Also, it should be noted here that the interest is charged on the outstanding balance and accumulate over time thereby increasing the loan amount.
Before, taking out a reverse mortgage it is advisable to find out whether or not it is good for your financial health.
The options are variable and fixed. There are two "Saver" programs, one is fixed and the other variable, and one "Standard" program, which is variable.
The variable programs use the 1 month LIBOR as the index, and adjust monthly, with a lifetime cap of 10%
This calculator will show how the programs work for you: www.IrvineReverseMortgages.com/calculator.php
The variable programs use the 1 month LIBOR as the index, and adjust monthly, with a lifetime cap of 10%
This calculator will show how the programs work for you: www.IrvineReverseMortgages.com/calculator.php
USA have a marginal line on which they base their interest rates.This may differ form one company to another depending on the movement of the treasury rates.With this in mind, some lenders may adjust their rates on a monthly or a yearly basis.Before deciding this,it is important to shop around to find the cheapest rate on the market.
http://mortgagereverse.org/mortgage-ratereverse.html
http://mortgagereverse.org/mortgage-ratereverse.html