Reverse mortgage rates and pricing have been incredibly competitive lately. Most lenders now offer 4.99% fixed as an alternative to the 5.56% that we have grown accustomed to. Choosing the lower rate may save some interest over the long haul but the $20 monthly servicing fee, that is currently attached to the lower rate product, is the mitigating factor and reduces the overall net cash to the borrower by the amount of the servicing set aside. For a more in depth explanation, call or email me.
Michael Manfredi is an Arizona Reverse Mortgage Specialist
Reverse Mortgage Concepts
Phoenix, AZ 85020
(602) 456-0009
(888) 697-5556
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