Surprise! Reverse Mortgage Closing Costs Actually Compare to Conventional Mortgage Costs
Loved this comparison of closing costs provided by Beth. Thanks for doing all the research and comparisons, this is great information!
As with a conventional home mortgage (called a “forward” by HUD), the closing costs for reverse mortgages may vary depending on the home value and the complexity of the loan. Let’s compare the costs side-by-side for a Home Equity Conversion Mortgage or HECM and a conventional/forward mortgage.
The third party and recording fees are standard for any loan. Keep in mind that there has to be a cost involved because everyone in the transaction needs to be paid for their services. If the costs on a mortgage aren’t paid up-front then they’ll be paid over time with a higher interest. Look at an estimated comparison based on a Minnesota home valued at $200,000:
Third Party Fees | Reverse FHA | Forward | Forward… |
View original post 1,087 more words
Hello world!
Welcome to WordPress.com. After you read this, you should delete and write your own post, with a new title above. Or hit Add New on the left (of the admin dashboard) to start a fresh post.
Here are some suggestions for your first post.
- You can find new ideas for what to blog about by reading the Daily Post.
- Add PressThis to your browser. It creates a new blog post for you about any interesting page you read on the web.
- Make some changes to this page, and then hit preview on the right. You can alway preview any post or edit you before you share it to the world.
-
Archives
- February 2014 (1)
- July 2011 (1)
-
Categories
-
RSS
Entries RSS
Comments RSS