Our Reverse Mortgage
Discounts & Credits


Discount Advantage

Our philosophy is every dollar we can discount is an extra dollar to you. The results are better loans, lower fees and more money in your pocket. Why get less when you can get more! Choose our Discount Advantage and request a special offer quote now.

Nada. Zip. Zilch.

Nada. Zip. Zilch. That is exactly what you pay on so many of our great reverse mortgage programs. We have waived all origination fees, servicing fees and processing fees and that is just the start. Why pay more when you can pay less!

More Savings. More Money.

It’s that easy! Our philosophy is to help each homeowner get their max retirement benefit from the equity in their home. The math is simple. The more we are able to discount and credit the more money you can receive back with your reverse mortgage.



Reverse Mortgage Fees and Costs

$0 Origination Fee Option

$0 Origination Fee! We are excited to announce that Good Day Reverse has $0 origination fee options on our reverse mortgage programs. That is not only a savings of up to $6,000, but receive back $6,000 more!

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$0 Appraisal Fee

You do not need to pay an out-of-pocket fee for an appraisal. Nada. Zip. Zilch. We will also ensure that the appraisal is paid for at closing, so it will not be added to the loan either. You pay $0 for your appraisal.

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$0 Finance Fee Option

In addition to our savings on the origination fee we offer programs that can pay for all financed fees which include title, escrow, and other closing fees. These programs start with loan balances of $100,000+. These savings can total more than $2,000, which puts that much more in your pocket at funding.

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$0 Monthly Servicing Fee

NO monthly reverse mortgage servicing fees are charged on any of our reverse mortgage programs. This not only saves $25-$35 a month on your loan, but it also qualifies you to receive thousands more.

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Reverse Mortgage Fees and Discounts Explained

What is an origination fee?

One of the reverse mortgage fees that a lender is allowed to charge for the services of originating a reverse mortgage. Lenders are allowed to charge 2% of the appraised value up to a maximum of $6,000.

What are financed fees?

Financed fees, or closing costs, are items associated with the origination of a reverse mortgage by third party companies. These are items that are required by the lender and/or the government to satisfy any conditions needed for the loan to be completed. They can include, but not limited to title, escrow, signing service, credit report, trust review and closing document fees.

What is IMIP?

IMIP stands for Initial Mortgage Insurance Premium. This is an upfront fee that gets paid to the Federal Housing Administration (FHA) to insure your reverse mortgage. Unlike the MIP discussed on the Rates and Programs page the IMIP is a one-time charge. Depending on the current loan-to-value of your property the IMIP ranges from .5%-2.5% of the appraised value, or max claim amount of $625,500. To find out more about what your IMIP rate would be please request a special offer quote.

What is an appraisal fee?

All reverse mortgages require a complete appraisal from an FHA approved appraiser. The appraiser will indicate the property value that will be used for the reverse mortgage. These can typically cost between $450-$550.

What is a monthly servicing fee?

Typically, a lender can charge between $25-$35 a month to service a reverse mortgage. In addition, there is a servicing fee set-aside created on the loan. This is usually a sum of $2,000-$5,000 that is set-aside to pay the monthly servicing fee. That $2,000-$5,000 is taken from the money you qualify for through the loan, so you will receive that much less.




Request a special offer quote now!

Request your special offer reverse mortgage quote now and see just how much more you get with Good Day Reverse. Why get less when you can get MORE!

REQUEST A QUOTE

Or, give us a call and talk with one of our reverse mortgage advisors. Toll-Free: 877-676-6542.