It seems like just yesterday when there was not a low, fixed rate reverse mortgage to be had. Suddenly, there are more than we could dream of and each lender is striving to make more sense of the loan from the borrowers perspective by assisting with fees and other terms.
FHA insured reverse mortgages continue to have the lowest rates because the lender has less risk but not all lenders are created equal in this highly competitive market where all the deals are drying up or get stuck in appraisal purgatory. The slippery slope has produced fixed rates down from 5.6, 5.5, 5.4 and now the ever pleasing 4.99.
You can’t get the lowest rates from your bank, however. So for the lowest rates, call a mortgage broker and ask which lenders are offering the best rates and terms on FHA insured reverse mortgages. And for those with jumbo projects, call your mortgage broker and stayed tuned as that segment of the market heats back up again.
Michael Manfredi is an Arizona Reverse Mortgage Specialist
Reverse Mortgage Concepts
Phoenix, AZ 85020
(602) 456-0009
(888) 697-5556
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