Current reverse mortgage rates

Among 1,917 HECMs HUD insured in August 2026, the median rate came to 6%. For most HECMs the rate is adjustable: a Treasury index plus the lender's margin, which means it follows that index over the years. You can get a fixed rate only if you draw all the money at closing.

Reverse mortgage interest rates, month by month

Every row shows the note rate for the HECMs HUD insured that month, drawn from HUD's monthly HECM endorsement files. Download them: hecm-rates-by-month.csv.

* HUD's October 2025 file is empty: federal funding lapsed for that whole month, so no HECM endorsements were processed. Loans that closed in October were insured in November, which is why November 2025 shows about twice the usual count.

Which rate decides what you can borrow, the note rate or the expected rate?

A HECM involves two key rates. The note rate is what you're charged in interest on the money you owe. HUD uses the expected rate when deciding the amount you can borrow; it combines the lender's margin with the 10-year Treasury. When the expected rate drops, the amount you can borrow goes up.

Right now the 10-year Treasury sits at 5.00% (October 23, 2026). After including the 2.125% median margin found in HUD's August 2026 loans, the expected rate works out to 7.125%. Here is what that rate means on a $400,000 home with nothing owed. These are the exact factors our reverse mortgage estimate uses.

Beyond interest, what other costs do you face?

In addition to the note rate, you pay FHA mortgage insurance at 0.5% of your balance every year, as the Consumer Financial Protection Bureau points out. Both amounts get added to what you owe. An insurance premium of 2%, an origination fee up to $6,000 and the usual closing costs are due upfront; check reverse mortgage closing costs for details. Try the amortization calculator to watch the rate push your balance up.

Getting a lower rate

Get quotes in writing from two or three lenders on one day, then set these items side by side:

• Index and margin. The margin is the lender's part of the rate and the one thing you can bargain over.
• Expected rate. It sets your principal limit, so a lower one means more money.
• Fixed or adjustable. A fixed rate comes only with one lump sum at closing.
• Origination fee and closing costs. Compare them in dollars, not percent.
• A smaller margin increases how much you can borrow and slows the growth of your balance.
• See which lenders are most active in your area in reverse mortgage companies.

Sources: principal limit factor tables and HECM endorsement files from HUD's site (hud.gov). Also the daily par yield curve rates from Treasury (U.S. Treasury).