In an effort to remain competitive in today’s market, we have eliminated our monthly service fee on the fixed rate reverse mortgage. Traditionally, this fee would range from $25 – $30. This change will provide additional cash benefit toward the Principal Limit and help those those just short of qualifying, in obtaining a reverse mortgage that provides more for them than most lenders can offer. This change will also benefit those looking to use a reverse mortgage for home purchase.
We are very excited to offer this benefit to our clients! In fact, with the 5.56% fixed rate reverse mortgage, someone at age 70 with a home value of $225,000 would see an increase in net benefit of about $5,000 when compared to the $30 monthly service fee.
Let’s look at an illustration:
* The above example if for illustrative purposes only. Everyone’s situation will differ. For an exact quote, please visit: Reverse Mortgage Quote.