Loan Fees and Payback
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How
do I pay back
the loan? |
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What
are the Reverse Mortgage costs and fees?
Just
like with a conventional mortgage, reverse mortgage costs and fees include title insurance, an appraisal fee, a loan origination
fee, recording fees and escrow costs. Most people include these
fees in the loan itself, and therefore are not out of pocket any
money at time of closing.
How
is the loan repaid?
Most
commonly, your estate repays a Reverse Mortgage at the time of
passing. If your heirs choose to keep the home, they convert the
loan into a conventional mortgage. If they prefer to sell the
home, they are entitled to all the proceeds after the loan has
been repaid (remember, at no time will the loan be worth more
than the value of the house). If you choose to move, the loan
is repaid upon sale of the house, and you keep the remaining equity.
How
can I learn more?
Call us at (877) 944-9004, or e-mail us at info@seniorlifesolutions.net
to see how much money you may qualify for.
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