There are two interest rates available for mortgage loans: One is called expected rate and it consists of 10 year index plus the borrowers margin. The higher the rates are the less money the borrower can get. However, there is a floor rate of 5.5% and interest rate below 5.5% will no longer increase the amount of proceeds available through the Reverse Mortgage.
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January 10th, 2010 at 3:29 am
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