Many people considering a reverse home mortgage want to know what costs are involved in the process. There’s really some good news and some bad news when answering this question. Almost all of the costs associated with a reverse home mortgage can be paid from the proceeds of the reverse mortgage loan. This means that there will essentially be no out-of-pocket cost to the borrower. This, however, does reduce the amount of money that will be available to the borrower.
The specific costs of a reverse home mortgage may include an origination fee, third-party closing costs, a mortgage insurance premium, a servicing fee, and interest. These itemized costs are similar to those involved with a traditional home loan while some are unique to a reverse mortgage.
[ad#co-2]
0 comments ↓
There are no comments yet...Kick things off by filling out the form below.
You must log in to post a comment.