Dear AF-ers,
I’ve been asked to run a comparison between a product and financing through reverse mortgages. I undersand the basics of how reverse mortgages work, and some of the restrictions, but I can’t find data on what kinds of interest rates they charge and what the range is. All the articles I’ve read so far seem to skirt the issue of presenting numbers on the interest rate and simply say “they are higher than traditional mortgages.”
I don’t have direct access to a Bloomberg terminal (though can get to one by going across town): can anyone else on AF can point me to a source that might have it? Bankrate.com was also a bust.