Reverse Mortgage Rates

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How to Get Great Reverse Mortgage Rates

Just like finding the perfect home mortgage when you first bought your home, when it comes to a reverse home loan, you want to find the absolute best reverse mortgage rates feasible. In order to ensure that you get the very best rates on your invert mortgage, you need to check around, consult your family and friends, and make use of one of the various change mortgage calculators that exist to you on numerous websites. With these a few tools in hand, you will end up well on your way to finding some great mortgage rates.

Before you begin your look for the perfect reverse home loan rates, you should determine what type of reverses mortgage you want to get. There are a few choices, and if you take your payment as a lump sum you will not be entitled to virtually any interest rates whatsoever, thus keep that in mind if you want to obtain the most out of your home in rates on mortgages rising.

The first step in your pursuit to find great change mortgage rates should be to consider a reverse mortgage calculator online. Areas like the AARP website have a calculator that is free and easy to use. All you need to do is answer four questions about your age, the age of your spouse, the need for your home and what your zip code will be. In a few short seconds, the calculator may crunch some figures and you will be able to figure out exactly what reverse rates on mortgages rising you should get.

Theoretical reverse home loan rates are one thing and talking a loan company into giving you individuals rates is something else entirely. For that reason, you need to consult your family and friends who have had reverse mortgages before and call numerous companies until you choose one that will be willing to give you the reverse mortgage rates you want.

Comments: 18

  1. Camilla February 16, 2013 at 1:40 am Reply

    My folks are 78 yrs old, have no savings and limited income. Their house is a 2 family worth 500,000. They are considering a reverse mortgage. Is it a good idea?

  2. Demetrius April 25, 2013 at 4:46 pm Reply

    Is there such a program?

  3. Willard May 10, 2013 at 7:57 pm Reply

    I am on a adjustable rate mortgage and would like to go to a fixed mortgage with lower rate? I don’t know who to go to for the refinancing, My Bank or credit union?

  4. Marisha June 2, 2013 at 7:14 am Reply

    We would like to save for a house, which we do not see us buying for another 2 years, is there anywhere we could save and guarantee a good rate for a mortgage?

  5. Gayle September 1, 2013 at 5:21 am Reply

    My mom is doing that to my grandmom’s house just to get her money :[
    I think she’s lying about how much money she’s going to get back so she has to give my grandma less.
    So how does the reverse mortgage work? and how much money would my mom get back?

  6. Eilene December 7, 2013 at 11:41 pm Reply

    A re-verse mortgage company gave me a foreclosure notice and I have to 2weeks to pay a loan of 120 thousand my estate’s estimated worth is 635 thousand. My credit score through equifax is at 659 now. the title of the house is in a
    living
    trust that my
    grandfather had left me as executor of. I still need an updated appraisal. I would like a re-finance loan of 180 thousand to pay off the reverse mortgage and to have some extra money for expenses. Please please let me know what I should do in this delema?

  7. Bruno December 13, 2013 at 12:03 pm Reply

    This is happening 1 week before settlement and they claim it’s because of my credit but my credit score is exactly what is was when I first applied for the loan, 685. I locked in at 5.5, now they are trying to increase it to 5.85 a week before closing. I haven’t signed anything yet but can they legally do this???? I just signed one loan approval last week and now they are sent me another one today that says revised on it with the new rate on it.
    Goodness Real Estate guy don’t be so mean this is my first time buying a house and I’m not sure that’s whay I;m asking. And I DID in fact sign a Lock in agreement on January 9, 2009, I’m looking at it righ now as I type. Goodness!
    Also, I was able to send them copies of my canceled rent check so the Rental Verification was not even submitted to my landlord. Jerk

  8. Jorge January 23, 2014 at 4:10 pm Reply

    My mother recently got a letter about reverse mortgage of her house. (She’s not far off of retirement age). In the letter, it says that basically, they would take over her mortgage, and possibly pay a stipend, but that when she passes, the house goes to her heirs (if she has any) and they would be responsible for paying back the amount paid (with interest, I’m sure). However, I have also heard from another source that the company takes the home when she passes.
    Does anybody know if this is true?

  9. Ardath January 30, 2014 at 5:55 pm Reply

    Looking into a reverse mortgage for a 75yo couple and there are many choices out there. Which ones are best?

  10. Zachery February 21, 2014 at 10:42 pm Reply

    My mother is a senior and our house is in foreclosure

  11. Caron February 21, 2014 at 10:42 pm Reply

    I am aware of the concept of this type of mortgage but I want to be completely aware of all the disadvantages.

    My elderly mom is thinking of getting a reverse mortgage on her home. I would like to know if anyone has any experience with this kind of mortgage. What should she be aware or cautious of (hidden obstacles, etc.)?
    Is this type of mortgage regulated “strickly” by the government or can there be other types of reverse mortgages, etc.?
    Since my mother worries from day to day if she can pay even pay her utilities on her small Social Security check I would much rather see her have some “peace of mind” than any profit from the sale of her home once she is gone.
    I didn’t think a reverse mortgage was a “loan.” I thought that you are given the appraisal amount for your home in $$’s and you are allowed to live in the home until you pass away because your home is no longer yours but the money you are given for it can be spent on many things, bills, vacation, etc. Obviously I need to read up on it some more…

  12. Katherina February 25, 2014 at 3:31 am Reply

    If Obamas stimulus pacakge gave so much $ to the banks and the banks wants to loan the money so the economy can recover from the recession, then why is the mortgage rates going up so high and so fast? This make people less attracted to purchasing a new home. Im from so cal and with the $8K rebate, its nothing since the median home prices are $450K & up

  13. Ai March 10, 2014 at 8:22 pm Reply

    I have looked everywhere I could thin k of on the internet to find a calculator to approximate the payback costs of a reverse mortgage when the loan is due. I can not find anything that can help me.

    Does anyone know how to figure this cost out? Assuming the loan would be called due in 15 years.

    APR 2.37%
    Value of home $616,000.00
    Total money borrowed at closing $245,000
    NO OTHER ADVANCES FROM THE AVAILABLE CREDIT.

  14. Jonah March 11, 2014 at 10:58 pm Reply

    My friends own a small farm with a modest home and a barn but it is in an area where many fancy housing additions are going up. Their Social Security checks are very small and they have no other monthly income or savings accounts. Up until now they have held part-time jobs but health problems won’t allow them to work any longer. Both are in their late 70’s and they need more income. Would a reverse mortgage be a good idea for them?

    They have adult children who would like to buy the farm if the parents will hold the mortgage. I have doubts that they could/would keep up payments to their parents.
    I should add that they do not want to sell their property and move out of the home they have shared for years. I had already suggested that they sell it and move to comfortable low-income senior housing in our community.

  15. Zulma March 13, 2014 at 10:32 am Reply

    I am asking this for a friend of mine who is also disabled —

    “I am 64 and have been disabled for over 20 years and my wife was aslo disabled about 15 years ago has alzheimers

    And we have been living off of under $20,000.00 a year from SS

    I have a home worth 130000 and owe 46000 on it wth a 50000 lein for a remodeling grant/

    Would a reverse mortgage benefit us, and If so how do I get one

    I saw them ON TV ”
    There are no kids and Who can afford a broker.

    Like that was ever a possibility did you read the part about we have been living off of $20,000.00 per year

    I guess I could ask the butler and the maid or the chauffeur too !!!!!!!

  16. Verda April 4, 2014 at 9:55 am Reply

    Mrs. Smith is a 70 year old widow with fragile health. She owns her home (market value of about $400,000) and collects Social Security payments of about  $1,250 per month. She has been recently discussing with her three children moving into an assisted living facility (ALF). There is one ALF that Mrs. Smith likes and where she already has some friends. It would cost about $2,500 per month ($1,900 plus an extra coming from her “individually assessed levels-of-care” of $600. Medicare would not pay for her ALF costs. Medicaid may be a resource in the future. Briefly discuss the pluses and minuses of the following two options:
     
    a)     The children put together a fund to cover 20 years of expenses at the assisted living facility. (Note: you need to calculate the funds needed to do so, and assume an interest rate).
    b)     Mrs. Smith uses a reverse mortgage to cover the expenses at the ALF.
    c)     Can you briefly list other options worth looking into?
     
    Note: You must learn some of the fundamentals on reverse mortgages, and should provide some numbers. In order to do so, you may simply search for “reverse mortgage calculator” on the web. Some info is available at Yahoo, commercial banks, and also in professional associations.
     
    Terms:
    §       Independent living facility, assisted living facility, nursing home, Alzheimer care.
    §       Lump-sum payment, line of credit, monthly payment plan.

  17. Juan April 5, 2014 at 4:38 am Reply

    What if the house is paid off………..

  18. Hershel June 24, 2014 at 3:05 pm Reply

    when it’s rare for a company to even do a pension plan. if your making 70k. your most likely not going to get 70k/year in retirement. in fact most companies don’t even do a pension plan. don’t people realize that your mortgage should be paid off or almost paid off by the time you retire?
    capwest but that’s not REALISTIC because what companies are going to pay you the same salary when you were working for retirement? you don’t need the same money to live the same lifestyle if your mortgage is already paid off.
    your just stating what i already said. wow your slow!!
    well no shi*!!!
    tell me what companies are going to pay you the same salary? only a few companies do pension plans and they aren’t going to give the same salary for retirement so yeah

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