Reverse Mortgage Rates and Origination Fees for Thursday, August 25, 2016
Reverse Mortgage Rates and Origination Fees for Thursday, August 25, 2016
Posted 9:15am EST
The best interest rates
ticked down slightly on quotes reported by lenders
this week.
The lowest origination fee was up, resulting in a
corresponding reduction in maximum cash draw.
| Thursday, August 25 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 25 | 3.023% | $4,500 | $88,461 + $65,040 |
| Change from August 18 | -0.003%  |
No Change | No Change |
| Lowest Origination Fee August 25 | 4.273% | $3,300 | $89,461 + $65,240 |
| Change from August 18 | -0.003% |
+$800  |
-$1,000  |
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