Reverse Mortgages

Reverse Mortgages are designed for homeowners age 62 and over that allow them to withdrawal the equity in the home for any purpose. A reverse mortgage also allows them to stay in their home while receiving payments and not have to make any monthly mortgage payments on those payments received.

To qualify for a reverse mortgage both you and any co-borrower must be at least 62 and the home must be your primary residence. There are no income restrictions or credit restrictions to qualify. The home also doesn't have to by paid off to qualify. Though loan amounts are capped based on the loan type and the county you live in.

Closing Costs on a reverse mortgage can be as much as closing costs on a conventional first mortgage. There are also fees to service the loan and Federal Housing Administration (FHA) insurance that has to be paid. Closing costs can be rolled into the loan keeping out of pocket expenses low. Though rolling the costs into the loan will also lower the amount you can take out and the monthly amount you will receive if you elect a monthly payment method.

Loan Type

Purchase Refinance with Cash out Refinance

State

Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District Of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming

FICO Score

Superior (780-850) Exceptional (760-779) Excellent (740-759) Very Good (720-739) Good (700-719) Above Average (680-699) Average (660-679) Fair (640-659) Need Improvement (620-639) Poor (350-620)

Loan Amount

$

Points

Up to 0 points Up to 0.5 points Up to 1 points Up to 1.5 points Up to 2 points Up to 2.5 points Up to 3 points

LTV

%

Loan Term

 15-Year Fixed  20-Year Fixed  30-Year Fixed  5-Year ARM  7-Year ARM  10-Year ARM

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The lenders whose rates and other terms appear on this chart are MRC's advertising partners. They provide their rate information to our data partner RateUpdate.com. Unless adjusted by the consumer, advertisers are sorted by APR from lowest to highest. For any advertising partners that do not provide their rate they are listed in advertisement display units at the bottom of the chart. Advertising partners may not pay to improve the frequency priority or prominence of their display. The interest rates, annual percentage rates and other terms advertised here are estimates provided by those advertising partners based on the information you entered above and do not bind. Any lender Monthly payment amounts stated do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater if taxes and insurance are included. Although our data partner RateUpdate.com collects the information from the financial institutions themselves, the accuracy of the data cannot be guaranteed. Rates may change without notice and can change intraday. Some of the information contained in the rate tables including but not limited to special marketing notes is provided directly by the lenders. Please verify the rates and offers before applying for a loan with the financial institution themselves. No rate is binding until locked by a lender.

Lender

APR / Rate

Fees / Points

Payment

NMLS #324599

License: 324599

5.045%

15-Year Fixed

4.875%

$4,570

Includes 0.875 points for $3,500

Lender Fees: $1,070

$3,138 /mo

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NMLS #1025894

5.188%

15-Year Fixed

4.990%

$5,248

Includes 0.812 points for $3,248

Lender Fees: $2,000

$3,162 /mo

Next >

NMLS #324599

License: 324599

5.853%

30-Year Fixed

5.750%

$4,570

Includes 0.875 points for $3,500

Lender Fees: $1,070

$2,335 /mo

Next >

NMLS #1025894

5.967%

30-Year Fixed

5.875%

$3,972

Includes 0.493 points for $1,972

Lender Fees: $2,000

$2,367 /mo

Next >

NMLS #324599

License: 324599

6.229%

5-Year ARM

6.125%

$4,506

Includes 0.859 points for $3,436

Lender Fees: $1,070

$2,431 /mo

Next >

Rate data provided by RateUpdate.com. Displayed by Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Payments do not include taxes and insurance premiums. Actual payments will be greater with taxes and insurance included. Rate and product details.

You can receive your payments in monthly installments for a fixed number of years. You can receive a lump sum payment. You can also use the reverse mortgage as a line of credit and withdrawal funds when you need them.

A reverse mortgage is repaid when you permanently leave the home or when you sell the home. If you pass on, your relatives (estate) have the choice of repaying or refinancing the loan with a conventional mortgage or selling the home and using the funds to payoff the reverse mortgage.