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Reverse Mortgage Interest Rates
Understanding Reverse Mortgage Interest Rates
Reverse mortgage interest rates vary depending on which product is being discussed. The most popular reverse mortgage is the Home Equity Conversion Mortgage, or HECM Reverse Mortgage. Reverse mortgage interest rates for the HECM are based on the US Treasury Bill. There's no need to shop around for lower reverse mortgage interest rates because they are the same nationwide. Currently they are floating around 5%. Depending on which HECM product you get, reverse mortgage rates can change either monthly, or annually. There is also a cap on how high the reverse mortgage rate is allowed to go. This was implemented as a safeguard for the borrower.
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