Interest Rates On Reverse Mortgages

The Reverse Mortgage for Purchase program is designed to help seniors right size’ their home needs, either to move closer to their families or into a senior retirement community, or even to move to a warmer climate and/or lower their overall cost of living.

Mortgage Refinancing. Refinancing your mortgage allows you to pay off your existing mortgage and take out a new mortgage on new terms. You may want to refinance your mortgage to take advantage of lower interest rates, to change your type of mortgage, or for other reasons.

Just like in the "forward" mortgage market, your interest rate determines the amount of interest you’ll pay. But in the reverse mortgage market, the current interest rate also determines the amount you can borrow.

Reverse mortgages can help mitigate this risk because they have have a feature called a standby line of credit. How big this line of credit is depends on factors such as size of your mortgage, your.