Reverse Mortgage Rates and Origination Fees for Thursday, October 5, 2017
by Jack Guttentag
Posted 9:35am EST
The lowest interest rate reported by lenders in our adjustable-rate HECM survey ticked up again this week. The lowest reported origination fee was down on a significantly higher rate. Maximum cash draws declined sharply as the new FHA mortgage insurance premium and principal limit factors went into effect.
Thursday, October 5 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 October 5 3.282% $4,250 $77,731 + $63,056
Change from September 28 +0.007 No Change -$14,443
Lowest Origination Fee October 5 4.532% $2,500 $65,801 + $54,257
Change from September 28 +0.757 -$425 -$36,447
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 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.