Current FHA reverse mortgage rates
| Variable Rate | Jumbo Reverse | ||
| Current Rates | 4.75% – 5.06% | 2.419% | 8.875% |
| APR | **see below | ||
| Index | n/a | 0.168 | |
| Margin | 2.25 | ||
| Monthly Service Fees | $0 | $25 | |
| MIP | 1.25% | ||
| Lending Limit | $625, 500 | $6, 000, 000 | |
| Payment Plans Available Under Each Program | |||
| Cash Lump Sum | Yes | ||
| Line of Credit | |||
| Monthly Payment Plan | |||
| Combination | |||
1Current lending limits are $625, 500 in all areas of the US for the remainder of 2013. Call 888-888-4834 for details. Wholesale Rates
As you can see above, there is a range shown for the fixed rate saver. The reason for that is we give you the option to choose the rate that best suites your individual situation. The general rule of thumb is that the lower the rate, the higher the origination fee will be. It's a lot like "buying the rate down" on the forward side. When we discuss your scenario over the phone, we will give you all the details that go along with each rate, which includes a breakdown of all fees involved. Use our reverse mortgage calculator to see an estimate of what's available to you.
*APR Example – 4.50% Fixed Rate, appraised value $250, 000, intial principal limit of $152, 500. APR would be 6.097%, including the 1.25% monthly MI.
The Total Interest Rate charged to a reverse mortgage is equal to the Margin + Index + Monthly Mortgage Insurance of 1.250%
Example 4.25% Fixed: 4.25% + 1.25% Monthly MIP = 5.50%
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