How to Compare Reverse Mortgages

how to compare mortgages

by John Stevens

Knowing what to look for when considering reverse mortgages can ensure that you get a good deal.

Compare the interest rate for each reverse mortgage product. Only an adjustable-rate and a fixed-rate reverse mortgage loan are available. The interest rate used for each program can vary from lender to lender. The interest rate for the adjustable-rate program is lower than for the fixed-rate program. However, while the fixed rate cannot change once a homeowner is enrolled in the program, the adjustable rate can change. Note that the adjustable rate cannot rise more than 10 percentage points from the rate at the

beginning of the loan.

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