Reverse Mortgage – Calculating The Costs
December 29th, 2007 . by adminA common misconception is that a reverse mortgage loan only fits desperate seniors or house rich but cash poor people. As a matter of fact, reverse mortgages are an excellent financial tool used by individuals from all walks of life mostly to enhance their retirement years. A calculator that can help estimate how much you could receive under different products and payment options is available at NRMLA's web site (http://www.reversemortgage.org), and from most reverse mortgage lenders and counselors. The costs for obtaining a reverse mortgage are the same as in getting a regular mortgage. You will be charged an origination fee, a mortgage insurance premium (for FHA Home Equity Conversion Mortgages), an appraisal fee, and certain other standard closing costs.
