Current Mortgage Rates

Thursday, November 20, 2008



The Advantages of a Reverse Mortgage:
  • Homeowners can pull needed cash from the equity of the home, without incurring monthly expenses.
  • Lenders cannot force homeowners to sell the property to pay back the loan.
  • Reverse mortgages guarantee that the homeowner can stay on the property for as long as he or she lives, even if the outstanding loan and interest grow to exceed the value property's value.
Reverse mortgages tend to be more costly than traditional loans because they are rising-debt loans. The interest is added to the principal loan balance each month. So, the total amount of interest owed increases significantly with time as the interest co-compounds. Reverse mortgages also use up all or some of the equity in a home. That leaves fewer assets for the homeowner and his or her heirs. Lenders generally charge origination fees and closing costs; some charge servicing fees. How much is up to the lender. Interest on reverse mortgages isn't deductible on income tax returns until the loan is paid off in part or whole. Because homeowners retain title to their home, they remain responsible for taxes, insurance, fuel, maintenance, and other ho housing expenses.

If you're a senior citizen that's age 62 or older, and you own your home, then a Reverse Mortgage might help you increase your income while allowing you to keep your home. This new type of mortgage is becoming popular with senior citizens who have money invested in their home, yet have limited cash resources. f you think a reverse mortgage would be a good idea for you, be sure you check around to find the best loan terms. Make sure you understand the terms of the loan and read all of the paperwork thoroughly before you put your name on a dotted line. And remember, if you change your mind within three business days after signing the paperwork, you can cancel the deal in writing without incurring any costs.




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Current Mortgage Rates*

Loan Type
National Average
30-yr. fixed6.12%
30-yr. fixed jumbo7.88%
15-yr. fixed5.75%
15-yr. fixed jumbo7.62%
7/1 ARM6.38%
5/1 ARM6.00%
3/1 ARM5.88%
1-yr. ARM6.62%
1-yr. LIBOR ARM6.12%
10/1 ARM7.88%
40-yr. fixed7.38%
*Mortgage Rates Updated: 11/19/2008