W all know that the first thing we must consider as we applying for a loan is the loan rates. We want to have the loans that we need at the same time they offers the lowest interest rates. And now, reverse mortgage is a serious financial decision and should be well thought out. If you want to apply for a reverse mortagage loans there are basic types of reverse mortgage loans to choose from. We want to have an affordable mortgage rates. The first one is the is a single-purpose reverse mortgage. This loans are offered by government agencies or nonprofit organizations and make it possible for low income homeowners to pay for a specific issue, like fixing a leaky roof.
And another one is the Home Equity Conversion Mortgage, which is insured by the Federal Housing Administration. And this type of loan allows middle income homeowners to access their equity for any number of reasons. And the other one is the proprietary reverse mortgages. This type of reverse mortgage offer larger loans that the HECM but are backed by private lenders. And if you will ask me who can get this kind of loan, reverse mortgages are for you if you do not have the kind of regular job or steady income to qualify you for a regular loan or a new credit card. You do not even have to have a good credit rating to get a reverse mortgage because your property offers all the security the lender would need. And your mortgage interest rates will depend on the process and you can have the mortgage rate that will suits to you.