If you don't qualify for a HECM because your home is over the annual limit set by the FHA, you can look into getting a proprietary reverse mortgage. Since these loans are typically bigger, they're also calledjumbo reverse mortgages.5 Since proprietary reverse mortgages aren't backed by the...
Typically, the interest rate for a reverse mortgage is higher thanthe interest ratefor a regular mortgage but on par with interest rates for home equity loans and home equity lines of credit (HELOCs). The interest rate for a reverse mortgage may be fixed or adjustable. Several factors can a...