Restart your life; utilize a reverse mortgage loan to finance your retirement. As reverse mortgage brokers, we are responsible for providing you with information, educating you, and connecting you with the most appropriate reverse mortgage lender for your needs. Put in the effort to prepare your loan application.
Obtain Loan Approval
Standard Lenders is the top reverse mortgage brokers since it has access to all significant reverse mortgage lenders and loans for retirees in one location. When determining which reverse mortgage loan is best for you, interest rates and fees are crucial to take into account.
However, other elements, including
- borrower age,
- property location, and
- lender policy,
May have an even more significant impact on your final decision regarding which reverse mortgage bank or lender you go with.
As your reverse mortgage brokers, we will analyze proposals from a pool of reverse mortgage lenders on your behalf and advise you on the loan offer that makes the most financial sense for you. To assist you, we will serve as a middleman between you and the lender.
To ensure you are getting the most terrific deal, we will compare the interest rates and other costs related to the mortgage loan.
Fluctuating Interest Rates
Lenders used to offer various interest rate options, including fixed, capped, and variable rates. But now, reverse mortgage loans are only offered with variable interest rates.
A reverse mortgage with a variable rate may offer flexible repayment alternatives, and you might not be penalized for making additional installments. This can enable you to pay back the loan more quickly.
In reverse mortgages with variable rates, offset accounts or redraw capabilities may also be included.
The higher rates for reverse mortgages are why?
Reverse mortgage interest rates are typically one or two percentage points higher than house loan interest rates. This is because there is no obligation for principal reduction with reverse mortgage loans (regular, ongoing principal and interest repayments). In other words, lenders won’t receive any of their money back for decades, if not for many years.
This raises their funding costs, which causes a rise in the retail interest rate that the borrower must pay.
Use Reverse Mortgage Brokers to Find the Best Possible Rate
Your loan’s interest rate for a reverse mortgage is significant. Still, it is only one of many elements that will affect the overall cost.
Other considerations include your “longevity risk” — how long you will need the Reverse Mortgage loan; whether you withdraw the funds as a lump sum, cash reserve, or a regular installment plan; any ongoing Reverse Mortgage expenses.
To completely comprehend the interest rates associated with this credit product, speak with us, the reverse mortgage brokers, from our network of lenders, our specialists will assist you in locating the lowest rate.