Reverse mortgages are a popular option for seniors looking to tap into their home equity without having to make monthly payments. One of the primary reasons behind the prevalence of variable-rate loans in this market is the fact that these types of mortgages allow borrowers to access their funds in a more flexible manner. Industry expert Dan Hultquist sheds light on this trend and provides valuable insights into why variable-rate reverse mortgages are preferred by lenders and borrowers alike.
Key points from Dan Hultquist’s update on reverse mortgage rates:
– Variable-rate reverse mortgages offer greater flexibility for borrowers to access funds
– Lenders prefer variable-rate loans due to lower interest rate risk
– The current landscape of the reverse mortgage market is dominated by variable-rate loans
– Understanding the reasoning behind the prevalence of variable-rate reverse mortgages can help borrowers make informed decisions when considering this financial product.
You can read this full article at: https://www.housingwire.com/articles/the-month-in-reverse-mortgage-rates-august-2024/(subscription required)
Note Servicing Center provides professional, fully compliant loan servicing for private mortgage investors so they can avoid the aggravation of servicing their own loans and just relax and get paid. Contact us today for more information.
