Avoid being Trapped by Fixed Interest Rates
I have recently been approached by a prospective client insisting that it was better to have fixed interest rates as this was told to her by one of the banks. I explained that with fixed interest rates she was locked in for a fixed period at a high interest rate and would incur a ‘break fee’ if she were to want to change to variable interest when rates dropped. None of this detail had been explained to this elderly lady. It is always prudent to do your research before committing to a Reverse Mortgage. Accumulate as much information as possible and talk to consultants qualified and trained in the detail of Reverse Mortgage.
