Sarah and James, a retired couple in their early 70s, are sitting at their kitchen table, reviewing their finances. Their home is fully paid off, but they need extra funds to cover medical bills and home renovations. They’ve heard about home equity loans, HELOCs, and reverse mortgages—but they’re not sure which option makes the most […]
Understanding Reverse Mortgage Interest Rates Fixed Rates If your reverse mortgage has a fixed rate, the interest rate in your contract will remain the same for the duration of your rate term. Common fixed-rate terms include 6-month, 1-year, 3-year, or 5-year fixed terms. This provides stability, ensuring your rate does not fluctuate. Variable Rates If […]
