Reverse Mortgage Rates and Origination Fees for
Thursday,
January 2 2020
Reverse Mortgage Rates and Origination Fees for Thursday,
January 2 2020
Posted 9:35am EST
The lowest interest rate
reported by lenders in our adjustable-rate HECM
survey ticked up by 0.004% on an unchanged origination
fee. The lowest origination fee was unchanged on
a slightly higher interest rate.
Thursday, January 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 January 2 | 3.004% | $4,499 | $84,202 + $67,355 |
Change from December 26 | +0.004 | no change | +$2 |
Lowest Origination Fee January 2 | 3.504% | $2,500 | $84,401 + $66,443 |
Change from December 26 | +0.004 | no change | +$3 |
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
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