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Frequently Asked Questions
Q: How much cash will I have to come up with for closing costs?
A. As is the case with any forward mortgage, a reverse mortgage does have closing costs. However there are no “up-front” funds needed to obtain a reverse mortgage because the closing costs are paid directly out of the reverse mortgage proceeds. Closing costs can vary, depending on the value of your home and the county in which it is located . Typically the total closing costs are the same as required with a forward mortgage.
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