Interest Rate of a Reverse Mortgage

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Are all reverse mortgages calculated using the adjustable rate on interest? If so, why?

Are all reverse mortgages calculated using the adjustable rate on interest? If so, why?

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Thank you for visiting Bills.com. Here is an answer to your reverse mortgage question - which I think I can help you with.

Not all reverse mortgages are calculated using the adjustable rate on interest.  Some lenders do offer fixed rate reverse mortgage, which typically has a higher interest rate than an adjustable rate mortgage.  Please note that a fixed rate reverse mortgage only provides funds as an upfront lump sum payment while an adjustable rate reverse mortgage can provide your funds as a monthly payment, as a line of credit, and/or a lump sum payment.

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