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williamcopeland25 · Joined: 23 Sep 2009 Posts: 1 1.23 Dollars($)

what are some costs involved with a reverse mortgage?

jenkin7 · Posted: Wed Sep 23, 2009 11:48 pm Post subject:

Hi William,

I don't think you can have your own private appraiser to make the appraisal. The lender will decide which appraiser will do the appraisal to determine the current value of the property and detect structural defects, if any.

As far as the costs involved in a reverse mortgage are concerned, they are not going to be very cheap. You will have to pay origination fees. Under the HECM program, you need to pay an origination fee of 2% of the home value or the maximum claim amount, which ever is less. Besides, you also need to pay mortgage insurance premium to make sure you can use your loan funds, even if your mortgage servicer goes out of business. Apart from these, there are appraisal fees and closing costs, which need to be paid by you while you close on your reverse mortgage.

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can i have my own private appraiser make the apprasal for me when cosidering a reverse mortgage loan.