F.H.A.  &  H.U.D.  insure two types of Reverse Mortgage.

The H.U.D. Monthly is by far the most popular.  In this case monthly refers to the timing of  interest rate adjustments on your Reverse Mortgage.  The H.U.D. Monthly Reverse Mortgage floats at 1.00% above the 1 year Treasury Bill Index. If the index goes up your rate will also rise. If it falls your interest rate will fall.  In the last 12 months interest rates on the HUD monthly Reverse Mortgage have ranged from 5.50% to 6.75% 

The second type of Reverse Mortgage H.U.D. insures is called the H.U.D. Annual Reverse Mortgage. Annual refers to the interest rate adjustment interval. The H.U.D. Annual Reverse Mortgage floats 2.60% over the 1 year treasury index. In the last 12 months rates on the H.U.D. Annual Reverse Mortgage have ranged from 6.5% to 7.70%.

The lower interest rate on the monthly H.U.D. Reverse Mortgage means that a higher benefit is almost always available using the H.U.D. Monthly Reverse Mortgage versus the H.U.D. Annual.

The H.U.D. Annual has an interest rate change maximum of 1.00% up or down annually.

A benefit analysis is available by e-mail. Anonymous inquires are accepted.

If you have a specific question call Ken Terrill at 800-481-9999 ext 118 or send an e-mail to: ken@ampy.com

Evenings or weekends call: 800-811-2738 - ask for Ken

Thank you!

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