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The Truth about Fixed Rate Reverse Mortgages
There is a new trend in Reverse Mortgages today. The Fixed Rate HECM is now an established product and is becoming one the most popular products in the industry. The Fixed Rate Reverse Mortgage is a great product but it does have some important differences from the standard adjustable rate Reverse Mortgage that we will discuss in this article. Knowing these differences is crucial to make sure your next Reverse Mortgage is the most efficient and the most satisfying for you and your family.
Actually, the differences in the adjustable rate HECM and the Fixed Rate HECM are very slight. Both products are guaranteed and regulated the Federal Government through the Department of Housing and Urban Development, or HUD. Both products are non-recourse loans, which means that should the balance of the Reverse Mortgage somehow become more than the value of the home, neither you nor your heirs will be liable for the difference. The Reverse Mortgage is a loan that is only based on the value of the home and none of your other assets, estate, or investments. Both loans have no credit, income, or health requirements. The only qualifications you must meet are that you over the age of 62, and that you own your home.
Now, obviously the major difference in the two products is that the Fixed Rate Reverse Mortgage’s interest rate is fixed for the life of the loan, while the other HECMs’ rates are adjustable through a variety of indices. The Fixed Rate is currently at 5.56% and if you obtain a Reverse Mortgage at this time, the rate will remain fixed at that rate for the entire life of the loan. The rate could change in the near future, but so far, the rate has been steady and is extremely low.
The other major difference in this product compared to the adjustable rate mortgages, is the way that you may receive the funds. In an adjustable rate HECM, you may receive your funds in a full lump sum, a monthly payment amount, a line of credit, or a combination of the three. The Fixed Rate product is restricted to only the full lump sum distribution method. This is not important if the bulk of the Reverse Mortgage funds will go toward a satisfaction of a current mortgage or debt. This is due to the fact that currently, the fixed rate Reverse Mortgage is usually going to be the best performing Reverse Mortgage. It will give you the most funds possible with the same about on closing costs.
When rates stabilize and future interest rates give lower to the point where the adjustable rate product becomes feasible again, then the choice will be yours as to which product will best benefit you. However, knowing the requirement of the fixed rate HECM’s disbursement, you can now make an accurate and informed decision exactly when to obtain your Reverse Mortgage.
About the Author
Receive a Fixed Rate: Reverse Mortgage
More Help: Reverse Mortgage Lenders
Troy Shellhammer is an expert and writer in the Reverse Mortgage Industry. Call him at 1-888-973-8377 with any questions.
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