How much cash will I have to come up with upfront to cover origination fees and other closing costs?
A. One of the major benefits of a reverse mortgage is that you can use the money you obtain from your home’s equity (dependent upon final calculations) to pay for the various fees that are part of the overall cost of the loan. The costs are simply added to your loan balance. You pay them back, plus interest, when the loan becomes due – that is, when the last surviving borrower permanently moves out of the home or passes away.
