Reverse Mortgage Rates and Origination Fees for
Thursday,
April 2 2020
Reverse Mortgage Rates and Origination Fees for Thursday,
April 2 2020
Posted 9:35am EST
The lowest interest rate
reported by lenders in our adjustable-rate HECM
survey edged up by 0.035% on an significantly
higher origination
fee. The lowest origination fee was unchanged on
a higher interest rate.
Thursday, April 2 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 April 2 | 1.969% | $6,000 | $82,701 + $66,664 |
Change from March 26 | +0.035 | +1,501 | -1,477 |
Lowest Origination Fee April 2 | 2.719% | $2,500 | $86,201 + $67,164 |
Change from March 26 | +0.035 | no change | +$23 |
1 The following lenders report their interest rates and origination fees to www.mtgprofessor.com: All Reverse, Signet Mortgage,
Mid America Mortgage, Retire Secure,
Goodlife Home Loans, Longbridge Financial, Centennial Home Mortgage,
Mutual of Omaha Mortgage
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