![]() You can find a list of our lender members by clicking here. The National Reverse Mortgage Lenders Association (NRMLA) is not a licensed lender or broker and does not make or offer loans. Upon choosing a lender and applying for a HECM, the consumer will receive from the loan originator additional required cost of credit disclosures providing further explanations of the costs and terms of the reverse mortgages offered by that originator and/or chosen by the consumer. You might find reverse mortgage originators that offer higher or lower margins and various credits on lender fees or closing costs. The lender will add a “margin” to the index to determine the rate of interest actually being charged. Further, mortgage payments typically will include monthly allocations of property taxes, hazard insurance, and (if applicable) private mortgage insurance (PMI). The “index” (our calculator uses the Monthly Adjusted LIBOR, which is a common index used in the market) will adjust regularly, as market interest rates move up or down. Interest rates on variable rate HECM loans are comprised of two components, an index and a margin. Lenders might also offer different options on interest rates and fees. Note these closing costs can and do vary by geographic area or region. The rates and fees shown are not the actual rates you might be offered by any particular lender, but generally represent rates that may be available in the market today, with the maximum origination fee allowable under HUD rules reflected for illustrative purposes only, along with an estimated FHA Mortgage Insurance Premium for a loan based upon the home value provided, and estimated recording fees and taxes, and other types of closing costs typically associated with a reverse mortgage loan. It is intended to give users a general idea of approximate costs, fees and available loan proceeds under the FHA Home Equity Conversion Mortgage (HECM) program. Please note: This calculator is provided for illustrative purposes only.
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