You may qualify for a
The Reverse mortgage interest rate is just part of the fees associated with the cost of obtaining a reverse mortgage. If you need to utilize the equity in your home and alleviate your mortgage payment altogether. Whereas moving to a less desirable home isn't exciting to you or your way of life.
Interest Rate is not an out of pocket expense for a reverse mortgage, as a burden to the homeowner.
Until recently there were three kinds of Reverse Mortgage loans:
The HUD HECM is available from only HUD approved lenders. These rules and regulations structured by Congress must be followed by lenders. The maximum lending limits and fees are set by law. Some discounting is allowed: Reverse Mortgage lenders can charge lower origination and servicing fees. And in some cases of reverse mortgages may even be capable of adjusting interest.