If you have been watching the news you have seen that mortgage interest rates have been rising lately making it harder for people to qualify for as much money. Many people have been asking recently how the rising conventional mortgage rates have effected the rates on the reverse mortgage. The short answer is they haven't...yet!
The interest rates on reverse mortgages usually lag behind conventional rates by a few months, but there are rumblings on the secondary market that investors buying reverse mortgage loans have not been quite as excited as of late. What will make them more excited? MONEY! How do they make money? With higher interest rates.
If you are reading this and have considered the reverse mortgage, now is the time to look again. Values in Utah are finally going up so this is the perfect time to revere your mortgage before interest rates follow suit. You can see if you qualify by using our free reverse calculator, or calling 1-800-431-9250 today.