Let Reverse Mortgage Pro Help You With Your Retirment

Reverse Mortgage Costs

Origination Fee This fee will cover the lender’s operating expenses. For the FHA-insured Home Equity Conversion Mortgage (HECM) is a 2% addition to the normal closing costs. However, it can be financed as a part of the mortgage.

Insurance Premium Under the same program (HECM), the borrows are charged another 2% of the maximum claim amount. The insurance guarantees that if the lender runs out of business you will still have access to your funds.

Appraisal Fee Before you will be granted will the loan, an appraiser needs to place a value on your home and check for structural flaws. If he found any, you have to fix them in order to be able to apply for a reverse mortgage. The appraisal fee is usually 300-400 USD and a follow-up examination will cost you 50-75 USD.

Closing Costs

:: Credit report: under 20$
:: Flood certification: under 20$
:: Escrow, Settlement or Closing: 100-500$
:: Document preparation: 75-150$
:: Recording: 50-100$
:: Pest inspection: under 100$

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Reverse Mortgage in the News

Reverse Mortgage For A Happy Retirement

The house you live in and you've paid for is probably the most expensive thing you own. The equity in your property is a valuable investment that secures your financial future.

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