Here’s What You Need To Know
When considering a Reverse Mortgage, If you are being charged an origination fee, ask your lender, “what value am I getting for the amount of money I am paying?”
- Origination fees are optional on most Reverse Mortgage loans. Many times the origination fee can be “Waived” by a lender.
- The lender decides who gets the origination fee.
- Origination fees are regulated by HUD, but not required by HUD.
Does Remarkable Mortgage Charge An Origination Fee? – Typically no. If there is loan balance, we usually have room to cut your loan costs.
We might charge an origination fee when there is very little or no loan balance.
Question: When Is a Reverse Mortgage Origination Fee Optional?
Answer: On The FHA HECM ARM. That program does have a required origination fee.
*Some fixed FHA, and some Non-FHA Jumbo reverse mortgage loans require an origination fee
Question: Who Get’s The Reverse Mortgage Origination Fee?
Answer: The mortgage company decides who gets the fee. The loan originator often get’s paid from the origination fee.
*Mortgage companies can keep a portion of the origination fee.
Question: What is the maximum origination fee allowed on an FHA Reverse Mortgage?
Answer: $6,000 is the maximum origination fee allowed by FHA regulations. (FHA ARM Loan)
The mortgage company typically determines the Origination Fee.
Typically, Remarkable Mortgage does not charge a Reverse Mortgage origination fee.
If you are working with a mortgage company, and they are charging you an origination fee, call us. We might be able to offer you a better deal on your Reverse Mortgage loan. Mark Schmidt 720-206-4539
*this article is for information purposes only. This is not an offer to lend, or an offer to lend without charging a Reverse Mortgage origination fee.