Types of Reverse Mortgage loan plans

 

The fees associated with a Reverse Mortgage are comparable with regular mortgages, plus FHA Insurance (protecting you and your heirs). Generally, seniors obtain a Reverse Mortgage as part of a long-term plan to stay in their home, which spreads these costs out over a number of years.

 

Fees are not payable until they must be repaid as part of the full loan repayment—either when the home is sold, the borrowers move away, or the borrowers are deceased. This means no out-of-pocket expenses to you!

 

There are plans that have low or no fees, usually with a higher interest rate. If a Reverse Mortgage is seen as a short term solution, these plans might make more sense.

 

 

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