October 19, 2006 12:24 PM
Deciphering Reverse Mortgage Cost: Closing Costs
Other closing costs that are commonly charged to a reverse mortgage borrower, include:
-Credit report fee. Verifies any federal tax liens, or other judgments, handed down against the borrower. Cost: Generally under $20
- Flood certification fee. Determines whether the property is located on a federally designated flood plane. Cost: Generally under $20
- Escrow, Settlement or Closing fee. Generally includes a title search and various other required closing services. Cost: $150-$450
- Document preparation fee. Fee charged to prepare the final closing documents, including the mortgage note and other recordable items. Cost: $75-$150
- Recording fee. Fee charged to record the mortgage lien with the County Recorder's Office. Cost: $50-$100
- Courier fee. Covers the cost of any overnight mailing of documents between the lender and the title company or loan investor. Cost: Generally under $50
- Title insurance. Insurance that protects the lender (lender's policy) or the buyer (owner's policy) against any loss arising from disputes over ownership of a property. Varies by size of the loan, though in general, the larger the loan amount, the higher the cost of the title insurance.
- Pest Inspection. Determines whether the home is infested with any wood-destroying organisms, such as termites. Cost: Generally under $100
- Survey. Determines the official boundaries of the property. It's typically ordered to make sure that any adjoining property has not inadvertently encroached on the reverse mortgage borrower's property. Cost: Generally under $250
10/19/06 | 9 Steps To Get Reverse Mortgage
10/19/06 | Deciphering Reverse Mortgage Cost: Origination Fee
10/19/06 | Deciphering Reverse Mortgage Cost: Appraisal Fee
10/19/06 | Deciphering Reverse Mortgage Cost: Mortgage Insurance Premium
10/19/06 | Reverse Mortgage FAQ: Payment Options In HUD Reverse Mortgage
10/19/06 | Reverse Mortgage FAQ: Difference Between A Reverse Mortgage And A Home Equity Loan
10/19/06 | How Can You Qualify For A HUD Reverse Mortgage?
10/09/06 | Typical Costs and Interest Rates of Reverse Mortgage
08/25/06 | Top 10 Things You Should Know About Reverse Mortgage
08/23/06 | When You Shouldn't Consider Reverse Mortgage
08/22/06 | Three Types of Reverse Mortgages
08/21/06 | House-Rich and Cash-Poor? Reverse Mortgage May Be Good For You.
08/20/06 | Reverse Mortgage: The Cost Rundown
08/19/06 | Reverse Mortgage Is Tax-Free, But Sometimes Not Tax Deductible
08/18/06 | Reverse Mortgages: More Money for the Elder
08/17/06 | Is a Reverse Mortgage Right for You?
08/16/06 | How Reverse Mortgage (RM) Will Affect Your Medicaid
08/15/06 | ABC offers ABC of Reverse Mortgage
08/15/06 | Save Your Retirement With a Reverse Mortgage
08/15/06 | Top Ten Things to Know About Reverse Mortgage
08/15/06 | What Is Reverse Mortgage?