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Frequently Asked Questions
Q: What costs and fees are associated with a reverse mortgage?
A. As closing costs can be paid directly out of the reverse mortgage proceeds, there are no “up-front” funds needed to obtain a reverse mortgage. Like any mortgage loan, you will have to pay interest on the principal advanced. You will also be charged a monthly servicing fee for the lender to make cash advances to you, make requested changes in your payout plan, and to maintain your reverse mortgage account, etc. A reverse mortgage is different from a Forward Mortgage, however, in that you make no monthly payments. The loan is due at the time you cease to live in the house as your primary residence or sell the house.
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