What are the costs involved with getting a reverse mortgage?
All mortgages have costs paid by the borrower, whether they are expressed as points paid up front, or built into the interest rate and paid on a monthly basis. Reverse mortgages are no exception and many of the same costs of a conventional mortgage apply to a reverse mortgage as well. Almost all of the costs of a reverse mortgage can be financed or incorporated into the loan, which greatly reduces any out-of-pocket costs. The charges may include an appraisal fee, origination fees, mortgage insurance fee, monthly servicing fee and other standard recording or closing costs.
