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Thank you for being a human being like the rest of us
"We cannot thank you enough for ALL your help, assistance, kind words, and for just being a Human Being just like the rest of us. You are one of the most friendly down to earth Mortgage Directors I have ever had the pleasure of dealing with which made this whole ordeal an easy one. If I hear of anyone that is in need of refinancing or interested in a reverse mortgage, I will definitely give them your name."
Laura M., San Francisco, CA
Costs & Payment Options
What are the Costs Associated with a Reverse Mortgage?
The fees are the same as with a traditional mortgage and at times may be capped and/or financed as part of the mortgage.
- Origination fee
- Mortgage insurance premium [for FHA Home Equity Conversion Mortgages]
- Appraisal fee
- Standard closing cost
What are my Payment Options for Reverse Mortgage Funds?
- Upfront lump sum payment
- Fixed equal monthly payments
- Line of credit
- Combination of line of credit with monthly payments
Reverse Mortgage Repayment Options
Several important points of clarification about repayment for reverse mortgages are (1) there is no payment during the time the homeowner remains in residence, and (2) the homeowner will never have to re-pay more than the home is worth.
Repayment Includes:
- Amount borrowed to date
- Accrued interest and mortgage insurance premiums as applicable
- Fees financed within loan
- Service Fees (if applicable)
Resources
You may also find the following resource on Reverse Mortgages helpful:
AARP Guide
Click here
Home Equity Conversion Mortgage Consumer Facts
Click here for PDF
Consumer Guide to Reverse Mortgages
Click here for PDF
Money from Home
Click here for PDF
Considering a Reverse Mortgage?
Click here for PDF
