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Real Estate


Tom Kelly
Tom Kelly
The Real Estate Adviser
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February 22, 2007

The Real Estate Adviser: Reverse mortgages come with fixed rates

By TOM KELLY
Special to the Journal

Many older homeowners prefer fixed mortgage interest rates. It helps them plan their monthly financial calendars, especially when they are battling the challenges of paying for health care on fixed incomes.

Fixed-rate mortgages have been absent from the reverse mortgage scene for more than a decade as lenders relied primarily on adjustable-rate mortgages insured by the U.S. Department of Housing and Urban Development. These mortgages, known as Home Equity Conversion Mortgages (HECMs), account for nearly 85 percent of the reverse market.


 
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