Reverse Mortgages are sometimes stereotyped as being high in fees. While the cost of getting a reverse mortgage is generally the same as that of getting a traditional mortgage on a new home, some of the fee names may seem unfamiliar. For more information on fees, please see fees. In the meantime, a laundry list of some common fee names is below:
1. Appraisal Fee
2. HECM Counseling Fee
3. FHA Reverse Mortgage Insurance
4. Loan Origination Fee
5. Title Settlement Fee
6. Title Insurance
7. Title Exam
8. Recording Fees
9. Wire Fee
10. Title Delivery
11. Flood Cert
12. Credit Report
13. Doc Prep Fee
14. Title Notary Fees
15. Flood Insurance (if you live in a flood zone)
16. Any Repair Cost