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Reverse Mortgage

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dejabo51 Joined: 15 Nov 2009 Posts: 1 1.26 Dollars($)	Posted: Sun Nov 15, 2009 12:44 pm    Post subject: Reverse Mortgage Like 0 Dislike 0 My father in law got a reverse mortgage for $22,000 they are charging him a monthly fee for $440. I have yet to see the paper work what it could possibly be it seems very larger of an amount.
jenkin7 Joined: 04 Jun 2007 Posts: 4537 Location: Hawaii 728.43 Dollars($)	Posted: Sun Nov 15, 2009 10:29 pm    Post subject: Like 0 Dislike 0 Hi dejabo, As far as I know, a reverse mortgage borrower receives lump sum money at closing or a monthly payment from the lender. Unlike a conventional mortgage, the borrower does not have to make any monthly payments. However, the loan servicer can charge a monthly fee for servicing the loan account. But the fees should not be as high as $440. You must check the loan documents to know what exactly the lender is charging this amount for.

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