What is an Adjustable Rate Mortgage (ARM)?

Adjustable Rate Mortgage: ARM Definition

An adjustable rate mortgage, or ARM, differs from a fixed rate loan in that the interest rate you’re charged can change over time. With an adjustable rate reverse mortgage, you’ll find two varieties – loans that can adjust once per year, and loans that can adjust monthly. That differs greatly from conventional ARMs, which have strict limitations on how often they can adjust over the life of the loan.

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