Reverse Mortgage Rates and Origination Fees for Tuesday, December 6 2016
Reverse Mortgage Rates and Origination Fees for Tuesday, December 6 2016
Posted 9:50am EST
Rate hikes in the forward
mortgage market have finally spilled over into the
reverse market - the best interest rate in
Fixed-Rate HECMs reported by lenders jumped 0.25%
this week. The lowest origination fee (rebate)
available on a Fixed-Rate HECM increased
substantially this week with rebates gone from our
survey.
| Tuesday, December 6 Report on Pricing of Fixed-Rate2 HECM Reverse Mortgage | |||
|---|---|---|---|
| Pricing by 6 competing Reverse Mortgage Lenders1 | Interest Rate | Origination Fee | Maximum Cash Draw by Owner aged 65 with Home Equity of $300,000 |
| Lowest Interest Rate December 6 | 4.500% | $6,000 | $86,961 -$6,000  |
| Change from Nov 29 |
+0.25%  |
+$6,000 |
|
| Lowest Origination Fee December 6 | 4.990% | $2,500 | $90,461 -$4,451 |
| Change from Nov 29 | No Change |
+$4,451 |
|
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 Fixed-rate pricing published every Tuesday; Adjustable-rate pricing published every Thursday