Fixed rate reverse mortgage
The fixed rate programs are specific to each lender and are not indexed to published interest rates. To determine the currently available fixed rate, you must ask a reverse mortgage lender for a good faith estimate.
Adjustable rate reverse mortgage
Adjustable reverse mortgage have interest rates that can decrease or increase as a market interest rate index changes. The index used today is the LIBOR.
LIBOR stands for “London Inter- Bank Offered Rate”. The LIBOR is an international index rate instead of being a US focused index.