Profile picture for timotheus33

Is there such a thing as a good Reverse Mortgage rate?

  • November 05 2009 - Brooklyn
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Answers (6)

Profile picture for lifebeyondEarth

There are products of all kinds, it depends what you want and how you define good. My good could be 5 and your could be 10. Thus, put in perspective, what you want to achieve.

  • November 06 2009
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timotheus33:
The costs of a Reverse Mortgage is somewhat elevated over that of a conventional mortgage, in most cases.  That being said, the costs of the loan need to be weighed again the benefits that can be found within the Reverse Mortgage for the participating senior.
These loans are not for every senior.  Let me make that clear.  Each individual seniors finances, health, and present and future situation must be taken into consideration to reach the conclusion as to whether it is a positive decision for them. Counseling and the right lender is key.
Many lender offer free seminars regarding the Reverse Mortgage product they use.  Searching out a free seminar is a good place to start for gathering the information you need.  The government also offers information on their website:  http://www.hud.gov/buying/rvrsmort.cfm.  AARP also offers info:  www.aarp.org.  Please be aware that there have been many changes to Reverse Mortgages recently.  The websites may not always carry these recent updates yet.
If you have specific questions regarding Reverse Mortgages or your individual scenario, please do not hesitate to write.  With that more specific information, I can offer better guidance and information regarding your question.  Thank you. 
  • November 06 2009
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Regardless what the rate or type Fixed/ARM is, your negative amorization is going to eat you up.

If this is a concern this product is not for you. It's basically for seniors to enjoy their current home without making payments until they are beckoned by a higher source.
  • November 06 2009
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The fix rate is going to be a better rate.
  • November 06 2009
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Sure.
  • November 05 2009
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Profile picture for shapiroamg
Depending on the lender. there are fixed rate reverse mortgages now.
  • November 05 2009
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