You can make interest payments on any type of reverse mortgage: fixed-rate, adjustable rate, lump sum, monthly payment or line of credit. If you think you might have extra money from time to time that would otherwise go toward the interest payments, however, consider taking out the reverse mortgage as a line of credit.
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The interest rate on Finance of America’s proprietary reverse mortgage is slightly higher than the HECM, but Kristen Sieffert, president of Finance of America Reverse said the upfront fees are lower..
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