COSTS ASSOCIATED WITH THE REVERSE MORTGAGE How much will it cost to get a Reverse Mortgage loan?
• Many of the same costs of a home purchase mortgage apply to the Reverse Mortgage. The charges may include fees for an appraisal, termite inspection, origination, mortgage insurance (for FHA/HUD Home Equity Conversion Mortgages), monthly servicing and other standard recording or closing costs. In most instances these fees are capped, financed as part of the Reverse Mortgage and taken out of the loan proceeds at the closing. some of these fees may be tax deductible. (Contact your tax advisor) • There is no application fee. • There is no processing fee. • No “junk” fees.
