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Comparison of Reverse Mortgage and CoVantage Easy Reverse Mortgage

Below is an actual example of a Reverse Mortgage that was recently closed by another lender. Other situations and lender facts may result in different costs.

Assumptions
Appraisal value $148,000
Borrower’s age 68
Borrower received $607/month income.

Closing costs	Reverse mortgage	CoVantage Easy Reverse Mortgage
Origination fee	$2,960	$1,110
Initial mortgage premium	$2,960	-0-
Title insurance premium	$450	$450
Appraisal fee	$375	$375
Credit report fee	$50	-0-
Document preparation	$125	-0-
Title company closing fee	$225	$125
Attorney’s opinion of fair dealing	-0-	$150
Total	$7,145	$2,210

The initial interest rate on the Reverse Mortgage was 6.48% with a rate maximum of 16.48%. The rate is variable and may change monthly.
At the time of this example, the rate on the CoVantage Easy Reverse Mortgage is 7% and fixed for the 10 year term.

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Note: The Reverse Mortgage has a $35 per month servicing fee; Covantage Easy Reverse Mortgage does not charge a monthly service fee.

	Reverse mortgage	CoVantage Easy Reverse Mortgage
Balance due 1 day after closing	$7,145	$2,210
Balance due at end of 5 years	$56,857	$48,289
Balance due at end of 10 years	$125,532	$113,611

For the long term and higher value properties, the traditional reverse mortgage may be a more attractive product. For lower valued properties, or if member stays in the home 10 years or less, the CoVantage Easy Reverse Mortgage is more attractive. The CoVantage Easy Reverse Mortgage costs are such that someone could change to a Reverse Mortgage at a later date. It would never make sense to switch from a Reverse Mortgage to a CoVantage Easy Reverse Mortgage.

For a different comparison example, call or visit a mortgage loan representative at any of our CVCU locations.