Interest on reverse mortgages

Interest accrues only on the amount borrowered at that months current rate of interest. Currently, the interest rate on the monthly adjustable HECM is bewtween 3.35 - 3.87% , depending on which program you take. There is also a fixed rate program, with a rate about 2.5 points higher. (The rate is set at closing.) Interest does not accrue on the unused balance in your line of credit, in fact, your line of credit grows in value at a half point greater then the current interest rate.

I am an Reverse Mortgage Specialist employed directly by Financial Freedom. I would be happy to run an estimate and amortization schedule detailing the amount available to you, the costs associated and the estimated interest accrued over the lifetime of the loan.

Please dont hesitate to contact me should you have ANY questions, Im happy to help.

877-632-7890 or tfield @ financialfreedom.com

Tam :)