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The U.S. Government regulates all fees on a reverse
home mortgage.
1. Mortgage Insurance Premium (MIP)
This is paid to FHA. It is insurance that ensures
that when you pass, the balance of the loan will never
exceed the value of your home. The amount is fixed
at 2% of the lending limit for your county.
2. Loan Origination Fee
This is the fee paid to the Mortgage Broker and loan
officer that helps you obtain a reverse home mortgage.
This is 2% of the lending limit for your county.
3. Other Closing Costs
These typically run approximately $2,600 and include
the title policy, title insurance, appraisal, termite
inspection, document preparation fees, courier, notary
fees, flood certification, recording fees, and credit
report. |
