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Negotiable Costs

Some closing costs are negotiable. If someone tells you they are not don't believe them - get competitive quotes!! They are:

1. Origination fee (HUD/FHA and FNMA Homekeeper)
2. Monthly Service Fee (HUD/FHA only)
3. Appraisal Fee (depending on your locale)*
4. Escrow fee *
5. Courier Fee*
6. Pest Control inspection fee*
7. Title Insurance*

*Probably not worth the effort but you can compare if you wish. We strongly recommend using a Title and Escrow company that understand Reverse Mortgages. Using a Title and escrow (or closing Agent depending on your State of residence) not familiar with the paper work can result in some monumental problems.

Non-Negotiable costs:

1. Government imposed fees of any ilk. (Recording, Taxes Etc)
2. HUD's Mortgage Insurance Premium
3. Flood Certification
4. Document Preparation fees

Get quotes from various providers. The actual Reverse Mortgage Contact you sign is going to be the same no matter what provider you use to obtain the Reverse Mortgage. Some providers work for less than others, some are simply greedy, some spend a great deal on advertising which can be a considerable cost. (Radio, Television etc. is not cheap) Mass advertisers are generally not going to offer the least expensive closing costs.

Why are HUD/FHA closing costs so high??

First, The Federal Department of Housing and Urban Development gets a fee equal to either 2.0% of your properties appraised value or the Maximum FHA Loan Limit for your county of Residence . That alone costs you $5,000.00 to over $6,000.00 in most cases.

The Origination fee is capped at 2.00% (that's the fee you pay to the lender you are getting the loan through) Some charge less, some charge more.

Get competitive quotes. Our fees are typically $3000.00 to $5,000.00 less than the Big Bank charges. It's like shopping for a new car. You're going to get the same car no matter who you buy it from. The only difference is the price you pay. Get a quote from us before you sign up or even after you do.

You can always use our Good Faith Estimate of Closing Costs as a lever to negotiate lower fees from whomever you have applied with.

For a no cost - no obligation Good Faith Estimate of closing costs on a Reverse Mortgage email us the following information:

1. Zip Code property is located in
2. Month and year of birth of all applicants or your ages
3. Approximate value of the property
4. Amount of existing mortgage if any.