Quick Answer
Yes — you can get a personalized, current reverse mortgage quote. This page does not post a live rate, because pricing depends on your age, home value, payout choice and the lender, and it changes often. Ask Miguel for a quote and he will show four separate pieces: the note rate (the interest rate on your loan), the index plus the lender margin that make up an adjustable rate, the FHA mortgage insurance (an upfront premium plus an annual premium on the balance for HECMs), and the closing fees. Fixed rates apply only to a single lump-sum HECM; the line of credit and monthly payments use an adjustable rate. Compare all four together, not the headline rate alone.
Fixed vs. Adjustable Rates
A fixed-rate HECM is only available if you take all your eligible proceeds as a single lump sum at closing. An adjustable-rate HECM is what you choose if you want a line of credit, monthly payments (tenure or term), or a combination — which is what most borrowers prefer because of the flexibility and the growth feature on the line of credit. Neither is universally better; the right one depends on how and when you want to use the money.
The Index and the Margin
An adjustable reverse mortgage rate is made of two parts: an index (a published market rate that moves over time) plus a margin (a fixed percentage the lender adds, which does not change for the life of the loan). When comparing offers, the margin matters as much as the starting rate, because a lower margin keeps your effective rate lower for years to come. Always ask for both numbers, not just the headline rate.
How Rates Affect How Much You Can Borrow
The amount you can access (the principal limit) is calculated from your age, your home value up to the FHA limit, and the expected interest rate. When rates are lower, the principal limit is generally higher — meaning you can access more. When rates are higher, you can access less. This is why two borrowers with identical homes and ages can qualify for different amounts at different times.
Mortgage Insurance and Other Costs
With an FHA HECM there is an upfront mortgage insurance premium and an ongoing annual mortgage insurance premium charged on the loan balance. This insurance is what funds the non-recourse protection — the guarantee that you and your heirs never owe more than the home is worth at sale. When you evaluate the true cost of a reverse mortgage, look at the interest rate, the margin, the mortgage insurance, and the closing costs together.
What to Compare Between Offers
When you get quotes, compare the index used, the margin, the upfront and ongoing mortgage insurance, the lender origination fee, third-party closing costs, and your net proceeds. A slightly higher rate with much lower fees can be the better deal, and vice versa. Miguel can lay two scenarios side by side in plain numbers so you can see the real difference rather than just the advertised rate.
