Reverse Mortgage Rates and Origination Fees for Thursday, August 18, 2016
by Jack Guttentag
Posted 9:15am EST
The best interest rate and origination fee are higher this week than quotes reported by lenders last week.  This resulted in an overall reduction in the maximum cash draw at closing.
Thursday, August 18 Report on Pricing of Adjustable-Rate2 HECM Reverse Mortgage3
Pricing by 6 competing Reverse Mortgage Lenders1 Interest Rate Origination Fee Maximum Cash Draw by Owner aged 65 with Home Equity of $300,0004
Lowest Interest Rate August 18 3.026% $4,500 $88,461 + $65,040
Change from August 11 +0.522% +$1,500 -$2,979
Lowest Origination Fee August 18 4.276% $2,500 $90,461 + $65,040
Change from August 11 +0.051% No Change -$1,479
1 The following lenders report their interest rates and origination fees to www.mtgprofessor.com: All Reverse, Signet Mortgage, First Bank, Retire Secure, The Federal Savings Bank, Goldwater Bank
2 Adjustable-rate pricing published every Thursday; Fixed-rate pricing published every Tuesday
3 Mortgages with a maximum rate adjustment of 5%
4 Part of credit line is available immediately, and part after 12 months
Use the Kosher Reverse Mortgage Calculator Learn How the Kosher Reverse Mortgage is Different

View historical market rates on HECM reverse mortgages.