Interest rates on[tag]Home Equity Conversion Mortgages[/tag] (HECM) rose slightly in the past week. [tag]HECM[/tag] rates are well above the average for the year but remain about a quarter percentage pointbelow the 52-week highs reached in July 2006.

[tag]Reverse mortgages[/tag] are specialized [tag]mortgage products[/tag] available only to [tag]senior citizen[/tag] homeowners. HECMs are the most popular kind of reverse mortgage. Interest rates for both annual- and monthly- adjusting HECM loans are indexed to the one-year constant maturity [tag]US Treasury rate[/tag].

Under a reverse mortgage, the lender makes loan payments to the borrower and the loan is repaid when the house is sold or the homeowner dies. The adjustable interest rate determines how fast the loan balance grows.

Rates on the [tag]Fannie Mae[/tag] Home Keeper, another reverse mortgage program, held steady this past week at the 52-week high level of 8.75%.

Reverse Mortgage Rates
Product	This Week	Last Week	52-Week Avg	52-Week High	52-Week Low
HECM Monthly Adjusting	6.55%	6.53%	6.31%	6.77%	5.76%
[tag]HECM[/tag] Annual Adjusting	8.15%	8.13%	7.91%	8.37%	7.36%
[tag]Fannie Mae[/tag] [tag]Homekeeper[/tag]	8.75%	8.75%	8.26%	8.75%	7.38%

Visit our reverse mortgage interest rate tool for further information and analysis.

Social tagging: Reverse Mortgage News > Reverse Mortgage Rates

A Few More Related Articles of Interest:

Reverse Mortgage Rates come down

Reverse Mortgage Rate Analysis - Monthly vs Annual HECM

HECM Market Comparison 10/31/2007 vs 10/31/2006

Home Equity Conversion Mortgage Rates Move Higher

HECM Rates Trend Upward (1/29/07)