Reverse Mortgage Fees
Some will say that a major con to obtaining a reverse mortgage is the fees that are involved in the transaction.
For example, the loan fees associated with reverse mortgages are higher than those of most conventional mortgages. That’s because most reverses require mortgage insurance in the event the senior outlives the value of the home. Financial Freedom pioneered a no-fee jumbo reverse that satisfied some of the higher-end customers while the federally insured Home Equity Conversion Mortgage also made huge strides in reducing fees and improving a once-bulky process.
These fees are however rolled in to the transaction so this is not an out of pocket expense the senior home owner.
For a full breakdown of fees associated, please call 1-888-973-8377.
