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. For example, a 30-year fixed-rate loan will have 360 monthly mortgage. Multiple your loan term by 12 to determine the total number of payments. You might find reverse mortgage originators that offer higher or lower margins and various credits on lender fees or closing costs. California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License 60DBO-74812. n: Number of payments over the life of the loan. Meanwhile, the average outstanding mortgage amount in the state is 363,891. The lender will add a “margin” to the index to determine the rate of interest actually being charged. The median home value in California is 550,800. 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. 5,066 UFMIP is added to 289,500 to establish your FHA loan amount of 294,566. 289,500 base loan amount 1.75 (Current UFMIP rate) 5,066 UFMIP. California Residential Mortgage Lending Act. 300,000 purchase price - 10,500 down payment 289,500 base loan amount. Allows qualified borrowers to refinance a current FHA mortgage loan to a lower interest rate more quickly and. Note these closing costs can and do vary by geographic area or region. UFMIP is calculated by taking the upfront premium rate and multiplying it by the FHA base loan amount. 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. See which type of mortgage is right for you and how much house you can afford. Please note: This calculator is provided for illustrative purposes only. Use our free mortgage calculator to easily estimate your monthly payment.
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