Like most traditional mortgage loans, reverse mortgages include origination fees, appraisal fees, and other closing costs. Reverse mortgages also have higher interest rates than conventional home loans. Most reverse mortgages have adjustable interest rates that vary with the market.
One benefit of a reverse mortgage is that borrowers will never owe more on their reverse mortgage than the current market value of their home.
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Current Fixed Mortgage Rates |
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| 30 Yr Fixed |  5.05% | 10/16/2009 |
| 15 Yr Fixed |  4.60% | 10/16/2009 |
| 30 Yr Fixed Jumbo | 6.04% | 10/16/2009 |
| 15 Yr Fixed Jumbo | 5.58% | 10/16/2009 |
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Current Adjustable Mortgage Rates |
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| 3/1 ARM | 4.82% | 10/16/2009 |
| 5/1 ARM | 4.07% | 10/16/2009 |
| 7/1 ARM | 4.43% | 10/16/2009 |
| 10/1 ARM | 4.66% | 10/16/2009 |
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Current Interest Only Mortgage Rates |
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| 3/1 ARM Interest Only | 5.40% | 10/16/2009 |
| 5/1 ARM Interest Only | 4.18% | 10/16/2009 |
| 7/1 ARM Interest Only | 4.61% | 10/16/2009 |
