Your name saw this post on The ActiveRain Real Estate Network and thought it might be of interest to you. Please see the link below to review the post.

Reverse Mortgage Costs in Southern California
Like any loan you obtain on your home a reverse mortgage will have costs.  You can break the costs down into two general categories.  First are one-time upfront fees and second are ongoing costs. Also, it’s very important to recognize that fees are different from state to state and even county by county.One time, upfront fees are almost always financed into the loan and are not an “out of pocket expenses”. In the reverse mortgage world though there are two exceptions. First, is  “HECM Counseling”. All borrowers must complete HECM Counseling prior to applying for a reverse mortgage and there is a fee for this.  You can expect to pay between $90 and $125 for the counseling.  Many agencies will allow you to have the fee paid from the loan proceeds, and they all will waive the fee in the event of a true financial hardship.   The second upfront fee is usually an “Appraisal Deposit”.  The company I work for asks for an upfront $325 at time of application.  So, the counseling and the appraisal deposit would be two “out of pocket” expenses.Other closing costs are:Initial Premium for FHA Mortgage Insurance.  Depending upon which reverse mortgage loan you choose, SAVER or STANDARD ... more

__________________________________________________
Are you on The Rain? Grow Your Network!