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does a reverse mortgage thru fha have any closing costs?

by lynnallred876677 from Champion, Pennsylvania. Dec 11th 2014 Reply


Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

Yes, about 3% of the appraisal value of the property. Most, or all, can be paid from loan proceeds at closing.

Dec 11th 2014
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,917 contributions

Regardless of what you have been told, all loans have closing costs.. including reverse mortgages.. (think about it.. no one will work for free, right?).. Costs can be paid in a few different ways.. you can bring cash to close, you can add the costs to the loan or you can choose a higher interest rate and have your lender pay the costs with their added income from the higher rate.. but in all these scenarios, you're the one paying.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Dec 11th 2014
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#28 ranked lender in New York - 2,236 contributions

Yes, we'd be happy to go over all options if your interested.800-991-5309

Dec 11th 2014
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Leo Harvey (LHARVEY)
#6 ranked lender in Pennsylvania - 140 contributions

Closing costs are necessary for any mortgage to pay for the services of all the parties involved in the transaction. Typically in a Reverse Mortgage (HECM) the costs are paid from the loan proceeds and no out of pocket monies are required. There are several options for paying those costs that the Loan Officer can discuss with you prior to submitting an application. I am the Reverse Mortgage specialist for my branch here in PA and I would be happy to discuss your options anytime. Call me at 484-668-1566

Dec 12th 2014
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Jason Vondrak (jvondrak)
#2 ranked lender in California - 1,713 contributions

Yes, all loans have closing costs whether they are paid up front or rolled into the loan.

Dec 12th 2014
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