What Factors Affect Reverse Mortgage Interest Rates?
Understanding what impacts reverse mortgage rates is crucial for seniors considering tapping into their home equity. Unlike traditional home loans, reverse mortgages cater to homeowners aged 62 or older, allowing them to convert a portion of their home equity into tax-free cash without monthly mortgage payments. However, like all financial products, reverse mortgages come with interest rates that can fluctuate based on several key factors.