Reverse Mortgage Rates and Origination Fees for Thursday,
October 18 2018
Reverse Mortgage Rates and Origination Fees for Thursday,
October 18 2018
Posted 9:35am EST
The lowest interest rate
reported by lenders in our adjustable-rate HECM
survey fell by a significant 0.120% on a higher origination fee quote this week. The lowest
origination fee was unchanged on a slightly higher
rate quote.
| Wednesday, October 18 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 October 18 | 3.838% | $5,850 | $71,910 + $60,399 |
| Change from October 11 |
-0.120  |
+$850  |
+$1,521  |
| Lowest Origination Fee October 18 | 4.463% | $900 | $70,020 + $55,985 |
| Change from September 11 |
+0.005 |
no change |
+$3 |
1 The following lenders report their interest rates and origination fees to www.mtgprofessor.com: All Reverse, Signet Mortgage, First Bank, Retire Secure, Goldwater Bank,
Longbridge Financial, Centennial Home Mortgage
2 Adjustable-rate pricing published every Wednesday; 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