One of the options that seniors who own their own homes may be looking for as a source is a reverse mortgage. This is a FHA government program that allows individuals to get money from the equity in their home, this is simply one of the ways seniors can get the cash they are looking for when they are looking for ways to tap into the equity in their home as a way of getting a steady cash flow. This is a program that is going to be undergoing some changes in the near future so those who are seeking this mortgage may wish to qualify under the current guidelines.
This mortgage can be a way for home owners 62 years of age and older to get a viable source of income for their golden years. The loan does not have to be repaid until the last surviving homeowner leaves the home, moves out of the property, or dies. These are some of the things that you can depend on. One of the ways you can qualify for them is to have a great deal of equity in your home. It is best to consult with a a mortgage specialist before getting the loan. A home needs to qualify for this program so it can be considered for a government rate refinance. It is something that people can consider as part of their income, however the homes need to meet federal guidelines in order to qualify.
The rates for the Reverse Mortgage are some of the things that you need to know. These are some of the current and changeable rates.
30 year fixed refi 3.84% 0.03 3.87%
15 year fixed refi 3.04% 0.07 3.11%
10 year fixed refi 3.12% 0.02 3.14%
Individuals who are looking for this mortgage choice should be aware of the interest rates on the mortgages because they may change on a weekly basis. The fact that the rates change are just some of the things to be aware of with these specialized mortgages. It is helpful to check the interest rates on a regular basis. It is always helpful to talk to a mortgage professional who specializes in reverse mortgages for the facts as it relates to you.