Here are the basics guidelines when it comes to considering a Reverse Mortgage.
Rates on Reverse Mortgages are pretty good right now, similar to FHA rates, usually near 3.5% depending if they choose the variable rate or fixed rate option.
The variable/ARM rate is usually best because it offers a Line of Credit that has a Growth Feature. The unused amount on the line grows by the MIP + Rate so could be like 4-5% growth each year for example which is the key benefit. The Fixed programs do not offer the line of credit so that’s a huge downside.
If you hear of any homeowners 62+ that have lots of equity and are unhappy with their current home, that’s when you can offer the Reverse Mortgage Purchase too. Can lead to a listing and purchase. Good one for agents to remember for that retired person who may only be living off SSI income and can’t qualify for a regular loan.
Rates on a “HECM” Reverse Mortgage are similar to an FHA loan in the mid 3.0% range, but the options can really vary based on age, credit score, equity %, etc. Also, depends how its structured either with Fixed payments or the Line of Credit feature.
Individual need of the homeowner is a factor as well. If someone prefers to have access to more cash, then maybe they choose a higher rate with lower fees. The FHA/HECM version has lower rates, but higher fees so it really just depends. There’s “proprietary” reverse mortgage programs as well so we’d just have to compare side by side to see what makes sense.
Whenever you’re ready we’d simply have you fill out a Loan Application and request a Mortgage Statement.
Attached is a helpful flyer showing some different ways to utilize a Reverse Mortgage as well.
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