Average Rates taken from HUD.GOV https://entp.hud.gov/sfnw/public/
|LENDER||AVERAGE NOTE RATE||ESTIMATED PLF LOSS||EQUITY LOSS AT 10 YEARS|
|ALL REVERSE MORTGAGE, INC.||3.79%||$0.00||$0.00|
|LIBERTY HOME EQUITY SOLUTIONS||4.99%||$19,800||$19,480|
|NATIONWIDE EQUITIES CORPORATION||4.97%||$19,800||$19,137|
|AMERICAN ADVISORS GROUP (AAG)||4.95%||$19,800||$18,794|
|AMERICAN PACIFIC MORTGAGE||4.83%||$18,000||$16,748|
|FAIRWAY INDEPENDENT MORTGAGE||4.69%||$14,400||$14,392|
|LIVE WELL FINANCIAL INC.||4.69%||$14,400||$14,392|
|HIGH TECH LENDING INC.||4.60%||$14,400||$12,895|
|MID-CONTINENT FUNDING, INC.||4.56%||$14,400||$12,233|
|ADVISORS MORTGAGE GROUP LLC||4.55%||$14,400||$12,069|
|CHERRY CREEK MORTGAGE CO INC. (1st Reverse)||4.40%||$12,300||$9,611|
|ONE REVERSE MORTGAGE LLC||4.39%||$10,200||$9,446|
|V.I.P. MORTGAGE INC.||4.38%||$10,200||$8,146|
|OPEN MORTGAGE LLC||4.36%||$10,200||$8,946|
|FINANCE OF AMERICA REVERSE LLC||4.34%||$10,200||$8,643|
|RETIREMENT FUNDING SOLUTIONS, MUTUAL OF OMAHA||4.31%||$10,200||$8,146|
|BROKER SOLUTIONS INC. (NAF)||4.30%||$10,200||$8,946|
|M AND T BANK||4.11%||$8,400||$4,971|
|LONGBRIDGE FINANCIAL LLC||3.91%||$4,200||$1,846|
This chart is for illustrative purposes only. The numbers do not differentiate fixed vs adjustable rate loans and cannot take into consideration property location, loan amounts, product mix, program interest rate caps, initial fees or future rate changes.
Therefore, this comparison assumes all borrowers to be 65 years of age with a property valued at $300,000. It assumes an initial loan draw of $100,000 on the line of credit program (the most popular option) for comparison.
Different criteria (borrower ages, draws, regional costs, etc.) will alter these numbers, please use this chart for comparison only as the actual total interest accrued will vary. Please consult your amortization schedule received with your loan proposal or application package for actual numbers.
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FACT #3 - Lower rates mean more $ for you.
Since interest rates are one of the primary factors that determines how much money borrowers receive on a reverse mortgage, borrowers with the lowest rates will typically receive more proceeds. We encourage you to compare!
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