Reverse Mortgage Rates and Origination Fees for Thursday, October 13, 2016
by Jack Guttentag
Posted 9:30am EST
The best interest rate on adjustable-rate HECMs ticked up slightly on quotes reported by lenders this week.  The lowest origination fee was was down by $300 on a significantly lower rate quote. The maximum cash draw increased in step with the decrease in lowest origination fee.
Thursday, October 13 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 Oct 13 3.087% $4,500 $88,461 + $65,040
Change from October 6 +0.035% No Change No Change
Lowest Origination Fee Oct 13 3.587% $3,000 $89,961 + $65,040
Change from October 6 -0.715% -$300 +$300
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
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View historical market rates on HECM reverse mortgages.