Closing Cost & Fees Explained 

There are several closing costs borrowers are required to finance when getting a reverse mortgage. The good news is that the majority of the cost can be rolled into the loan. 

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There are 2 specific cost that borrowers are required to pay out of pocket. This includes the appraisal, which can run anywhere from $500-$900. The appraisal is important in determining the loan amount. 

 

The second item that must be paid out of pocket is the counseling fee.  All borrower’s must complete a mandatory Reverse Mortgage counseling. Counseling costs are usually between $125-$175. A counseling certificate must be submitted to move forward with the application process.   Some counselors offer no-cost grants for eligible borrowers. 

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