Interest Rate of a Reverse Mortgage
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?
By
Mark Cappel
Published: Jul 15, 2007
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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