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Reverse mortgage guide
The rates above are for comparison only, and they change without notice. There are three main kinds: fixed-rate HECMs, adjustable-rate HECMs, and proprietary (jumbo) reverse mortgages from private lenders. An adjustable HECM rate is a published Treasury index plus the lender's margin, and FHA's annual mortgage insurance is added to your balance on top of that. Jumbo loans have no FHA mortgage insurance and higher loan amounts, but they set their own rates and terms. Your rate also helps decide how much money you can access, so a lower rate isn't always the better deal.
Note: Rates are being updated
The rates above come from our rate sheet and are for comparison only. They are not an offer or a commitment to lend, and they change without notice. Your actual rate depends on your age, your home, the program you choose, and the day your loan is priced.
I'd rather you understand how reverse mortgage rates work than just stare at a number. This page walks through every piece: the three kinds of rates, what's inside an adjustable rate, how jumbo loans differ, how your rate changes the money you can get, when your rate locks, and how to compare quotes fairly.
A fixed-rate HECM has one rate for the life of the loan. It never goes up or down.
The tradeoff is how you get your money. A fixed-rate HECM is a single draw at closing. You take the money all at once, and interest starts on the full amount right away. There's no line of credit and no monthly payouts to you. If your loan allows more than HUD lets you take in the first year, you generally can't come back for the rest later.
A fixed rate can make sense if you're paying off a large mortgage, buying a home with a HECM for Purchase, or you truly need all the money now. Learn more about the fixed-rate HECM.
An adjustable-rate HECM gives you the most choices. You can take a line of credit, monthly payments to you, a lump sum, or a mix. You only pay interest on money you've actually drawn. And the unused part of a line of credit grows over time.
There are two kinds of adjustable HECM:
Most of the people I work with end up choosing an adjustable rate once they see how the options compare.
A proprietary reverse mortgage, often called a jumbo reverse mortgage, comes from a private lender. It isn't insured by FHA, and it doesn't follow HECM rules. Each program sets its own rates, terms, and limits. I cover these in detail in the jumbo section below.
On an adjustable HECM, your interest rate has two parts.
The index is a published market rate that moves up and down over time. HUD's rules allow certain Treasury and SOFR indexes. The adjustable HECMs we offer, both monthly and annual, use the 1-year Constant Maturity Treasury (CMT) index.
The U.S. Treasury publishes the CMT. When your rate adjusts, the lender looks up the index on a set date and adds your margin.
The margin is set by the lender when your loan is priced. It stays the same for the life of the loan. When you compare adjustable quotes, the margin is the number to look at, because the index is the same for everyone using it.
Your interest rate is the index plus the margin. FHA also charges annual mortgage insurance on your balance. Interest and mortgage insurance are both added to your balance each month. You can see the current mortgage insurance and other costs on Reverse Mortgage Costs.
Caps limit how far an adjustable rate can move:
Caps matter less on a reverse mortgage than on a regular mortgage, because a higher rate doesn't create a monthly payment. But they still affect how fast your balance can grow, so I'll show you the caps on any adjustable loan before you choose.
If your home is worth more than the HECM lending limit, a jumbo reverse mortgage may give you access to more money. Right now, some jumbo programs are giving more money even on homes worth less than the HUD limit, but they come with higher rates. That's why I compare both on every home. See Lending Limits for the current HECM limit.
Here's how jumbo rates and terms generally compare with a HECM. Every program is different, so I check each one in writing.
A jumbo often makes sense when your home is worth well above the HECM limit. Today, it can sometimes give more money on homes below the limit too, at a higher rate. It can also make sense when you want to avoid FHA's upfront mortgage insurance, or your condo isn't FHA-approved.
A HECM often wins when you want a growing line of credit, the most payment options, or the HECM's federal protections. On many homes, the honest answer is "it depends," which is why I run both side by side. Read more on Proprietary (Jumbo) Reverse Mortgages.
The jumbo programs we compare today include Mutual of Omaha Secure Equity, Finance of America HomeSafe, Longbridge Platinum, Smartfi Choice, Nationwide Equities EquityPower, and MCM Holdings MCM Edge. Availability varies by state and program. Finance of America's HomeSafe Standard, for example, is approved in all nine states where ZYNG is licensed.
For the full side-by-side, see the comparison below or our Proprietary (Jumbo) Reverse Mortgages page.
| Feature | HECM (FHA-insured) | Jumbo (proprietary) |
|---|---|---|
| Who backs it | FHA insurance, under HUD's rules | The lender's own program and rules |
| Minimum age | 62 for every borrower | Varies by program and state. HomeSafe Standard: 62 in Texas, 60 in Washington |
| How much home value counts | Up to the HECM lending limit | The program's own maximum, often well above the HECM limit |
| Mortgage insurance | Upfront and annual FHA premiums | Generally none |
| Interest rate | Generally lower | Generally higher |
| Ways to get your money | Lump sum, monthly payouts, line of credit, or a mix (adjustable rate) | Fewer choices, often a fixed-rate lump sum. No line of credit on proprietary programs in Washington |
| Line of credit growth | Unused line grows and can't be frozen while you meet the loan terms | Depends on the program |
| Condos | FHA project or single-unit approval needed | Some programs accept condos that aren't FHA-approved |
| Manufactured homes | Eligible when HUD's rules are met | Not accepted by the programs we offer |
| Non-recourse | Yes, backed by FHA insurance | Yes on the programs we offer, by contract rather than FHA insurance |
| Non-borrowing spouse protection | Set by HUD's rules | Set by each program |
| Monthly servicing fee | ZYNG doesn't charge one on HECMs | Some programs charge one |
This is the part most people don't expect. On a HECM, your rate doesn't just set how fast your balance grows. It also helps decide how much money you can access in the first place.
HUD figures your available money, called the principal limit, from three things:
On an adjustable HECM, the expected rate is the 10-year CMT plus your margin, and HUD sets a minimum. A higher expected rate means less money available. A lower one means more. So a lower margin generally means a bigger principal limit.
Older borrowers can access a larger share of their home's value. If you're married and one of you is younger, the younger age is used, which lowers the amount. See the Non-Borrowing Spouse guide.
In the first year, HUD generally limits how much of your principal limit you can take, unless you need more to pay off your mortgage and other required costs at closing. After the first year, the rest becomes available on an adjustable loan.
You'll notice each program shows a range of rates. That's on purpose.
As a rule of thumb, a lower rate comes with higher upfront costs, and a higher rate can lower or even cover some of those costs with a lender credit. It works a lot like buying down the rate on a regular mortgage. HUD caps the HECM origination fee, and you can see how on Reverse Mortgage Costs.
So which is better? It depends on your plans:
When we talk, I'll show you each option and every fee that goes with it. Then you can pick the one that fits how long you expect to keep the loan.
There are no required monthly mortgage payments on a reverse mortgage. You must continue to pay property taxes and homeowners insurance, maintain the home, and meet the other loan terms.
Instead of a payment, interest and mortgage insurance are added to your balance each month. That means:
Read how people use that growth in the standby line of credit strategy.
On an adjustable HECM, the margin is set when your loan is priced. The expected rate, which sets how much money you can get, can be locked when your FHA case number is assigned, for up to 120 days. If closing takes longer, the lock can generally be extended with your agreement.
If rates drop before closing, the lender can generally use the better expected rate. I'll tell you which applies to your loan.
Fixed-rate HECMs and jumbo loans lock based on the lender's own rules. I'll tell you when your rate locks and how long the lock lasts before we start.
You'll see an APR only on fixed-rate loans in the table above. Adjustable HECMs don't have a fixed APR, because the rate can change.
Every reverse mortgage also comes with a Total Annual Loan Cost (TALC) disclosure. It shows the yearly cost of the loan, including fees, over different time periods. The TALC is one of the best ways to see how upfront costs matter more on a short loan than a long one. Read What Is the TALC?
If you're buying a home with a reverse mortgage, the HECM for Purchase generally uses the same rate options as a regular HECM. The rate also helps decide how much you'll need for your down payment: a lower rate generally means more loan and a smaller down payment.
If you're shopping around, and you should, a few habits keep the comparison honest:
I'm happy to go over any quote you've received, line by line, even if it's from someone else.
For years, most adjustable HECMs were tied to LIBOR. As LIBOR was being retired, HUD approved the 30-day average SOFR for new annual adjustable HECMs closed on or after May 3, 2021. By the end of 2021, new HECMs had moved to the CMT or SOFR, and today most are tied to the CMT. Ours use the 1-year CMT.
Older HECMs that were tied to LIBOR were moved to a SOFR-based index after June 30, 2023. If you have one of those loans, your servicer should have sent you a notice. See HECM Program Changes by Year for more.
No. The rates above are for comparison only. Your rate is set when your loan is priced, based on your age, your home, the program, and the market that day.
It depends on the market and the program. Compare today's numbers yourself in the table above. What's different is how the interest works: it's added to your balance instead of paid monthly, so it compounds.
On a fixed-rate HECM, no. On an adjustable HECM, yes. The rate moves with the index, within the caps written in your loan documents. Jumbo loans follow their own terms.
On a HECM, generally yes. A higher expected rate lowers the principal limit. That's why a small difference in margin can change how much you can access.
No. There are no required monthly mortgage payments at any rate. You must continue to pay property taxes and homeowners insurance, maintain the home, and meet the other loan terms. A higher rate means your balance grows faster.
Yes, you can generally make voluntary payments at any time without a prepayment penalty on a HECM. On an adjustable HECM line of credit, money you pay back generally becomes available to draw again. See Can reverse mortgages be paid off at any time?
Fixed gives you certainty but only one lump sum. Adjustable gives you flexibility and a growing line of credit. Read Comparing Fixed and Adjustable Reverse Mortgages.
Usually because they're built differently. One may have a lower rate with higher upfront costs, and the other the reverse. Line them up by margin or rate, origination fee, other closing costs, and principal limit, and the difference gets much easier to see.
Rates are only half the story. What matters is how much you can access and what it costs over time. Get My Estimate, start your reverse mortgage review, or call us at 530-888-6000 and we'll go through it together.
Related reading: How a Reverse Mortgage Works, Reverse Mortgage Pros and Cons, and Reverse Mortgage Counseling.
ZYNG Mortgage, Inc., NMLS #76801. A reverse mortgage has no required monthly mortgage payments and uses your home's equity. Fees, mortgage insurance and other costs can be added to the loan balance, and the balance grows over time as interest is added, so your equity typically decreases. When the loan becomes due, the home may need to be sold, or the loan repaid from other funds. Interest is not tax-deductible until it is paid, in part or in full. You keep title to your home and must keep paying property taxes, homeowners insurance and upkeep, and meet the other loan terms; not doing so can make the loan due and could lead to foreclosure.
This material is not from HUD or FHA and was not approved by HUD or a government agency.
HECM count at the top of this page: HUD data through September 2026 (source, opens in a new tab).
