Four Seasons (Temecula, CA)
By Deborah B. Nance, Reverse MortgageExpert~Temecula Murrieta Menifee Hemet
(Purchase or Refinance With A Reverse Mortgage)
Do I advise senior homeowners to get a fixed rate reverse mortgage or an adjustable?In my many contacts with senior homeowner the initial reaction of most of them is that the fixed rate reverse mortgage is the one they prefer.  However, the fixed reverse may not actually be the best option for their situation.  Both loans use a formula set by HUD which determinse the amount of funds that may be borrowed.  The formula takes into consideration the clients age, the home value and the current expected rate.  So one factor in the decision of fixed vs. adjustable is which loan will give you access to the amount of funds you require.  If you have a relatively large mortgage on your home, you may decide to go for the loan that can give you enough to pay it off - and today the fixed rate revers...
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