This week’s reverse mortgage rates are below. These rates are effective for the week beginning October 6, 2009.
APR:
HECM LIBOR 225: 2.494
HECM LIBOR 250: 2.744
HECM LIBOR 275: 2.994
HECM LIBOR 300: 3.244
Expected Rates:
HECM LIBOR 225: 5.66
HECM LIBOR 250: 5.91
HECM LIBOR 275: 6.16
HECM LIBOR 300: 6.41
While the HECM LIBOR APR remained constant this week, the expected rate declined considerably, dropping two tenths of a point. Borrowers should see savings from such an interest rate decline, and hopefully the low rates will continue. This is the first full week that the new PLF limits will be in effect.