Just like with any home refinance or home purchase loan, there are charges that will be applied toward a reverse mortgage. Reverse Mortgage fees include closing costs, an origination fee, an up-front mortgage insurance premium, an appraisal fee as well as other miscellaneous costs, such as title insurance, inspections and miscellaneous paperwork. Every applicant is unique and the fees vary with each loan. Typically, the origination fee charges 2% for the first $200,000 and an addition 1% thereafter capping off at a certain amount (varies with each lender). Another 2% of the maximum claim amount is generally charged for the insurance premium. The closing costs consist of a certain dollar amount per service charged. These charges typically equal to approximately $1200.
Are Fees Applied to Reverse Mortgages?
February 22nd, 2009 | Reverse Mortgage
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