Closing Costs

Closing costs are usually paid from loan proceeds.  Counseling and Appraisal fees may be charged up front and customer can be reimbursed at closing. 

Closing costs are based upon the appraised value of the home.  HECM Reverse Mortgages adhere to the FHA lending limit for the county where the property is located.   This limit varies by county and is usually adjusted annually. 

Closing costs include an origination fee, mortgage insurance premium, appraisal fee, recording fees, title insurance, processing fees and some inspection fees such as pest inspection or water tests if necessary.    These may vary based upon the location of the property and local regulations and guidelines.