Even for those who close their loan under the LIBOR, you must realize that the LIBOR index is scheduled for elimination at the end of 2021.  Once the LIBOR index disappears, the loan documents for reverse mortgages and traditional loans allow lenders to substitute a new index if the index becomes unavailable.  The new index being discussed is the Secured Overnight Financing Rate (SOFR), which will be available on January 1, 2021.  The CMT is available to use today, so it allows for the uninterrupted closing of loans. In contrast, the existing closed loans utilizing the LIBOR index will likely switch to the SOFR before the end of 2021.  But make no mistake. The closed loans will also need to change their index as well.