Interest Rates
December 27th, 2007 | by admin |An interesting topic about a reverse mortgage loan is the interest rate associated with this type of home loan. In general, the lender applies an interest rate only on the funds you receive. It's typically a variable interest rate, although fixed rate products are also entering the market and they are tied to a certain index. They requirements to get a reverse mortgage are to be at least 62 years old, be the owner, and have enough equity in your home. There aren't any special medical or income requirements. Even if you already owe money on an existing mortgage, you can still qualify for a reverse mortgage.