Interest rates are coming down. Good news for borrowers? Sure. But terrible news for savers. So, what’s your move? Obviously, it’s to lock in today’s high savings rates while you still can. And not just today’s rates, but today’s best rates nationwide. You can find them in ...
Borrowers also pay interest on the outstanding loan balance. The rate of interest will vary based on the type of reverse mortgage that you receive. Most reverse mortgages are made at variable rates of interest. The rates are low today, but would rise if market interest rates rise. In additio...
* Independent Living Resource Center. This nonprofit group also publishes a list of reverse-mortgage lenders and a brief description of alternatives. But unlike the AARP, the center focuses only on California--which means its list tends to be more up-to-date than those offered by other agencies...
The original purpose of reverse mortgages, which first emerged in the 1960s by private companies, was to help the borrowers meet expenses in retirement. Borrowers could choose an income stream for everyday expenses, a line of credit, or a combination of the two. Today, reverse mortgage borrowe...