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Learn more about Reverse Mortgage Interest Rates

If you are planning for a reverse mortgage for your property, the study regarding eligibility might have been done already. Once the affirmative decision is made the most important question is about reverse mortgage interest rates. Finding the interest rates for the reverse mortgage is a tough job. In the case of a regular mortgage, it is quite simple to calculate the interest rate. Reverse mortgage interest rates are much confidential.

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Learn more about Reverse Mortgage Interest Rates

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  1. Reverse Mortgage If you are planning for a reverse mortgage for your property, the study regarding eligibility might have been done already. Once the affirmative decision is made the most important question is about reverse mortgage interest rates. Finding the interest rates for the reverse mortgage is a tough job. In the case of a regular mortgage, it is quite simple to calculate the interest rate. Reverse mortgage interest rates are much confidential.

  2. Reverse Mortgage Calculations The interest rate depends on how much the mortgage costs you. The final cost towards Federal Housing Authority’s and Home Equity Conversion Mortgage product are to be paid by you. Along with this fee towards mortgage insurance premiums, third party charges, origination fees, and servicing fees are also applicable. You also need to pay the mortgage insurance premium at concluding and a yearly MIP for the complete life of the loan.

  3. Three Examples For Getting The Calculations • Property Valued at $100,000 While the property’s value is fewer than or equal to $125,000, the lender has a choice to charge any amount up to $2,500. The payment is not dependent on a percentage of the property's value.

  4. Three Examples For Getting The Calculations • Property Valued at $175,000 • In this case, the property is valued more than $125,000 but less than $200,000. Here the lender is allowed to charge a maximum of 2% of the home’s value. So the calculation sums up to $3,500 here.

  5. Three Examples For Getting The Calculations • Property Valued at $250,000 • When the properties total value is more than $200,000 the reverse mortgage interest rate calculation are even more complicated. The calculation here works in two segments. For the initial $200,000, the lender can charge up to 2%. For the left over $50,000, the lender can only charge a maximum of 1%.

  6. Call Us Now: (800) 730-6558Email: info@ReverseMortgageCalifornia.comVisit: http://www.reversemortgagecalifornia.com/Thank You!!!

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