Reverse Mortgage Rates and Origination Fees for Thursday, December 28, 2017
by Jack Guttentag
Posted 9:35am EST
The lowest interest rate reported by lenders in our adjustable-rate HECM survey declined sharply this week on a significantly higher origination fee quote. The lowest reported origination fee was unchanged on a slightly higher rate quote.
Wednesday, December 28 Report on Pricing of Adjustable-Rate2 HECM Reverse Mortgage3
Pricing by 7 competing Reverse Mortgage Lenders1 Interest Rate Origination Fee Maximum Cash Draw by Owner aged 65 with Home Equity of $300,0004
Lowest Interest Rate Dec 28 3.302% $6,000 $76,080 + $63,069
Change from December 21 -0.246 +$3,500 +$1,225
Lowest Origination Fee Dec 28 4.102% $2,200 $71,420 + $57,669
Change from December 21 +0.054 No Change +$31
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, Bank of England, Longbridge Financial
2 Adjustable-rate pricing published every Wednesday; 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
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View historical market rates on HECM reverse mortgages.