ZERO ORIGINATION FEE ON FIXED RATE FHA HUD HECM
REVERSE MORTGAGES IN CALIFORNIA
Q & A for 0 (zero) origination fee reverse mortgage
How do we do it?
Current market conditions result in major reverse mortgage banks and lenders to give us special pricing and we pass the savings along to you. These top reverse mortgage banks and lenders include:
- Bank of America, Met Life, Security One and Genworth Financial
- This special is offered directly from our key loan officer and branch manager: Maggie O’Connell
- We don't know how long this offer will last as market conditions could change any time.
Does that mean the service customers receive is sub-standard service?
Absolutely not! Our clients receive direct personal attention from Maggie O’Connell and her own processors. You receive the same great service that her customers have received over the past 17 years that Maggie has been originating FHA insured Reverse Mortgages. Listen to actual client testimonials here on our podcast feed!
What are the details of the offer?
- The discount is for the FIXED Rate Home Equity Conversion Mortgage only.
- This option requires borrower to draw all of the available funds at closing.
But is the interest rate higher or some other negative impact?
No, the rate offered is the lowest in the industry. Give Maggie a call for a detailed quote of rate and costs and the amount available. Her direct line is 800-684-9438
How long does the offer last?
As long as market conditions allow top reverse mortgage banks to provide the special pricing. If you are considering a reverse mortgage, now is the time to apply!
Can’t I go directly to the reverse mortgage banker for this discount offer?
Reverse Mortgage banks have high overhead and do not provide the pricing to their loan officers that are provided to their best reverse mortgage brokers. Your reverse mortgage goes to the same reverse mortgage underwriting and servicing departments as if you went directly to the bank.
What if I want a Line of Credit or Monthly Tenure Payment?
The Line of Credit or Monthly payment options are not available with the fixed rate reverse mortgage, only for the adjustable rate options. The origination fee on the variable rate programs are discounted for the Libor 2.5 margin. If you are not taking any initial draw or paying off any mortgage or liens, we may be able to offer you the Libor 2.25 margin which is the lowest in the industry and currently discounted origination fees are not offered with this low margin, but the savings over time is substantial.
What is the standard origination fee?
The normal origination fee charges are 2% of the appraised value for the first $200,000 and 1% after that. The cap is $6,000 which is the savings for high value homes and also means you receive $6,000 more in your lump sum draw.
