Reverse Mortgage Rates and Origination Fees for Tuesday, October 3 2017
by Jack Guttentag
Posted 9:45am EST
The lowest rate reported by lenders in our Fixed-Rate HECM survey jumped this week, largely in reaction to the new FHA mortgage insurance premiums and principal limit factors that went into effect on Monday (the lowest origination fee was unchanged). Maximum initial cash draws were down significantly primarily due to the new lower principal limit factors.
Tuesday, October 3 Report on Pricing of Fixed-Rate2 HECM Reverse Mortgage
Pricing by 6 competing Reverse Mortgage Lenders1 Interest Rate Origination Fee Maximum Cash Draw by Owner aged 65 with Home Equity of $300,000
Lowest Interest Rate October 3 4.750% $3,300 $72,021
-$19,444
Change from September 26 +0.500 +$325
Lowest Origination Fee October 3 4.990% $2,500 $70,301
-$21,639
Change from September 26 No Change No Change
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 Fixed-rate pricing published every Tuesday; Adjustable-rate pricing published every Thursday
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View historical market rates on HECM reverse mortgages.