• Home Equity Conversion Mortgage

For more information, please call David Cohn, Vice President at (312) 491-7124 or Wayne Landon at (312) 491-7206.

Reverse Mortgage Loan Rates are set by the Federal Government and generally do not vary between banks.


Reverse Mortgage Loan Rates
Type
Rate
HECM Monthly Adjustable
Please call
HECM: Adjusted Annually
Please call
HECM Libor
Please call
HECM Fixed
Please call
Rate effective as of

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.

For more information about reverse mortgages, please visit aarp.org/revmort.

*Consult your tax accountant regarding deductibility of interest.

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Since each borrower is unique, our Reverse Mortgage Specialist will explain each program’s benefits to find the Reverse Mortgage that’s perfect for you.

*Consult your tax accountant regarding deductibility of interest.

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South Central Bank, National Association
525 W. Roosevelt Road | Chicago, Illinois 60607

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