HECM Reverse Mortgage Costs

 HECM Reverse Mortgage Costs

Costs that are associated with HECM Reverse Mortgages are similar to a traditional home re-finance, and remain the same from one lender to another. There are out of pocket expenses as well as closing costs.

Out of pocket expenses include:
1. Government counseling session (which can be done over the phone or in person) that can cost as much as $125.
2. An FHA Appraisal which can cost anywhere from $450 for a single family home to $850 for a four family home.


The closing costs are typical to a traditional mortgage where the home equity pays the closing fees, and include:
1. A one time government insurance policy which is 2% of the property’s appraised value.
2. Title insurance
3. State fees which are standard for all mortgages.
Consult with an advisor to learn more about the fees and costs associated with HECM Reverse Mortgages.


Learn more at: HECM Reverse Mortgages