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QUESTION: How much money can I get from a reverse mortgage?
October 31, 2018
QUESTION: Will I owe more than my house is worth with a reverse mortgage, and leave my children with a huge debt.
November 4, 2018

QUESTION: What are the costs involved in a reverse mortgage?

Answer:

Since you can roll most of the up-front costs into the loan, so your out-of-pocket expense can be minimized.

The costs associated with a reverse mortgage include interest, a title fee, credit report fee, real estate settlement closing costs, a property appraisal fee, origination fee, closing costs, mortgage insurance premium, servicing fee and a modest charge for HECM counseling. While closing costs vary based upon the type and size of the loan, they’re generally the same as closing costs for any traditional mortgage.

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