A new fixed rate reverse mortgage product has been announced by a few select lenders. The new option allows for the additional principal limit amount to be utilized after the first year. Previously, borrowers who chose a fixed rate reverse mortgage were unable to tap into any additional principal limit amounts that might have been available after paying off required liens and closing costs. This made the fixed rate option less desirable for many, but this new product will give consumers more reason to opt for a fixed rate over an adjustable rate.
For more information on reverse mortgages, visit www.reversemortgagebenefit.com.
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