There is no “black or white” answer as to whether the Fixed Rate or the Adjustable Rate reverse mortgage is best for you without knowing the future of your home value, interest rates, your cash needs, and of course, how long you will live. General guidance is to consider the fixed rate reverse mortgage if you have a need for a large sum of cash. The Adjustable Rate reverse mortgage is generally considered when there is no immediate need for a large sum of cash. Circumstances can vary from borrower to borrower and consulting with a trusted financial advisor and/or family members is advised.
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Other FAQsCOSTS & PAYOUT
- Q: What kind of reverse mortgage rates and fees can I expect?
- Q: Are there different types of reverse mortgages?
- Q: How can I get the cash from a reverse mortgage?
- Q: What are reverse mortgage costs?
- Q: Are there any restrictions on what I can do with the money?
- Q: When do I have to pay back the loan?
- Q: What is the most I can owe?
- Q: How can I estimate what my costs may be?
- Q: What are reverse mortgage pros and cons?
- Q: What are HUD reverse mortgage requirements?
- Q: What are the reverse mortgage rules or requirements?
- Q: Who is eligible for a reverse mortgage?
- Q: What are reverse mortgage disadvantages?
- Q: How do I choose the best reverse mortgage lender?
- Q: Will the bank own my home?
- Q: What types of homes are eligible?
- Q: If I still owe money on a first or second mortgage, can I qualify for a reverse mortgage?
- Q: How much can I borrow?
- Q: Should I get a Fixed Rate or an Adjustable Rate Reverse Mortgage?
- Q: Am I able to use a reverse mortgage to purchase a home?
- Q: Will a reverse mortgage affect any of my other benefits?
- Q: Is the interest accrued on the reverse mortgage tax-deductible?
- Q: How will this affect the estate I leave to my heirs?
- Q: How can I compare reverse mortgage products and features?