The rates vary depending on the program you choose. The Home Equity Conversion Mortgage, (HECM) program, sponsored by the FHA, is the most popular. Annual Percentage Rates are reviewed weekly. Once closed, the rate on your reverse mortgage will change either monthly or annually, depending on the type of loan you chose. Rates are variable, based on the T-Bill or interest rate plus a margin.

When comparing reverse mortgages, your loan officer will use specially developed software to help you choose the best plan for your situation. The amount available for use depends on your age, the value of the home and the equity in your home.