Reverse Mortgage Rates and Origination Fees for Thursday, June 1, 2017
Reverse Mortgage Rates and Origination Fees for Thursday, June 1, 2017
Posted 9:35am EST
The best interest rate on
adjustable-rate HECMs edged down this
week on quotes reported
by lenders. The lowest reported
origination fee was also down on a slightly
lower rate quote.
Thursday, June 1 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 June 1 | 3.221% | $4,250 | $90,190 + $65,040 |
Change from May 25 | -0.002 | No Change | +$1,380 |
Lowest Origination Fee June 1 | 3.721% | $2,975 | $91,465 + $65,040 |
Change from May 25 | -0.002 | -$225 | +$1,605 |
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