Other than repaying the principal and interest, what kinds of fees are involved in a reverse mortgage?
A. Most reverse mortgages have an application fee (which may cover the cost of a credit report and an appraisal), an origination fee, closing costs, insurance, and a monthly servicing fee. These charges can be paid by the reverse mortgage itself, making them no immediate burden to the borrowers; the costs are added to the principal and paid at the end, when the loan becomes due. Financial Freedom’s Cash Account Advantage Plan has options with no upfront costs – no origination fee, no application fee, and no closing costs. Go to http://www.financialfreedom.com/CashAccount to learn more about Financial Freedom’s Cash Account Advantage Plan.
