How are Amboys costs for a reverse mortgage 60% lower than other lenders?
Amboy offers its own proprietary Reverse Mortgage. The chart below compares Amboy’s fees and costs to national programs used by most other lenders. With Amboy’s Prime Rate Option, you can save up to 60% on upfront costs. Amboy Bank National Prime Rate HECM Saver Estimated Home Value $450,000 $450,000 Annual Percentage Rate (APR) 4.75% 3.00% Interest Rate Cap 12.00% 13.00% Maximum Loan Amount $211,500* $219,600 Held for Future Service Fees $0 $5.410 Initial Mortgage Ins. Prem. $0 $45 Origination Fee $2,115 $6,000 Other Costs (may vary) $1,912** $4.031 Net Loan Amount Available $207,473 $204,114 Total Fees and Costs $4,027 $10,076 *Based on age 70 47% of home value. **Third party costs include title insurance. Prime interest rate margin: 1.50%. Prime is the highest prime rate as published daily in the Wall Street Journal. Comparisons as of November 2010.
