Reverse Mortgage Calculator – Calculate Your Rates And Discounts!
Try Our Discount Reverse Mortgage Calculator Now!
Good Day Reverse is constantly creating a better reverse mortgage for homeowners, which is why we have created our “discount” reverse mortgage calculator. In addition to finding the right reverse mortgage program or rate we feel that our discounts set us apart. Get more for less!
It is simple! Just enter your information in the reverse mortgage calculator below to see the discounts that will apply to your reverse mortgage program with Good Day Reverse!
Reverse Mortgage Calculator Discounts Explained
We understand that a lot of people reviewing their discounts above might be seeing these for the first time. Not many reverse mortgage companies openly disclose discounts that can be offered to their clients. We do things a little different. This is why we created a reverse mortgage calculator that details your discounts.
Please take the time to review your potential reverse mortgage discounts below. If you have any questions about the reverse mortgage program or our discounts please do not hesitate to call one of our reverse mortgage advisors at toll-free 877-676-6542.
An origination fee is allowed by HUD to be charged by the lender or broker as part of the reverse mortgage fees. This fee is usually charged by the company to pay for the origination and processing of the reverse mortgage. This reverse mortgage fee is a payment that goes directly to the company originating a reverse mortgage and is paid through the loan at closing. Although the borrower does not pay the origination fee out of pocket, it does decrease the net amount of money that a borrower can receive with the reverse mortgage. When qualifying for a reverse mortgage every reverse mortgage fee that is applied to the loan is less money the borrower can receive as a lump sum, in a line of credit or as a monthly disbursement. This is why discounting the origination fee can be so important. It not only lowers the initial loan balance, but also offers our borrowers more money. Why get less when you can get more with Good Day Reverse!
Finance Fees, or other costs, are items that need to be ordered to complete the processing of the reverse mortgage loan. These finance fees include, but are not limited too: appraisal, title, escrow, notary, credit report, trust review and many more. These fees may not be paid out-of-pocket by the homeowner, but they are typically financed through the loan and added to the total balance at funding. These fees can be as high as $2,500+ depending on the situation.
Important Disclaimer: Your reverse mortgage counseling session fee can vary between $125-$150. Borrowers can either pay this fee upfront, or they can finance the fee to be included at closing with all other finance fees. These options can be worked out directly with the counseling companies.
$0 Servicing Fees
A servicing fee can be included by a reverse mortgage company to pay for the ongoing servicing, or upkeep, of your reverse mortgage. The servicing company of the reverse mortgage is responsible for managing a borrowers available line of credit and issuing monthly disbursement payments. If there is a partial or life expectancy set-aside the servicing company will be responsible for making the homeowners insurance, property tax and any HOA payments on time. In addition, the servicing company will send monthly statements showing the current details and status of the borrowers reverse mortgage. This servicing fee can range from $25-$35 a month. Since this is a fee to be paid for the life of the loan the lender is required to create a “set-aside” at the beginning of the loan. This set-aside can be $3,000+ and will be subtracted from your available money with the reverse mortgage.
If you used our reverse mortgage calculator you will notice that we waive the servicing fee down to $0 for all HECM government insured reverse mortgage programs. The $0 servicing fees only apply to the government insured HECM reverse mortgage program and not the proprietary jumbo reverse mortgage program. This will save you thousands and put thousands more in your pocket at funding.
$0 Out-of-Pocket Appraisal Fee
All government insured reverse mortgage loans require a FHA approved appraiser to assess the value of the homeowners subject property. This appraisal fee can typically be between $475-$600. This is a fee that is included in the finance fees, which will be added to the loan balance at closing. If you used our reverse mortgage calculator and qualify for $0 Out-of-Pocket Appraisal Fee then we will cover the upfront cost. The appraisal fee will be added to the financed fees at application and closing. We find that our clients love the service of not having to put the appraisal fee on a credit card or by writing a check.
Reverse Mortgage Calculator – Disclaimer
These discounts are a result of the information that was submitted into the reverse mortgage discounts calculator. This is not a quote and discounts are subject to change at anytime. However, Good Day Reverse offers multiple reverse mortgage rates and programs that could be of more benefit when requesting a special offer quote below.