Have you been searching for “revere mortgage lender near me,” hoping to find the right company to work with? If so, we’re just what you’re looking for. With 30 years of experience in the Chattanooga and Nashville area, we also have the expertise you are looking for.
A reverse mortgage is a type of home loan that is available for those of the age 62 and older. There are many reasons to take out this loan such as to help with medical expenses, home repairs, or to finally be able to travel the world. However, just like any loan, there are requirements, costs, and potential risks involved. Here is a look at the expenses that are involved with a reverse mortgage.
Upfront Reverse Mortgage Costs
- An origination fee that is paid to the lender but cannot exceed $6,000.
- Real estate closing costs that include appraisal, title search, surveys, inspections, mortgage taxes, credit checks, and others.
- Initial mortgage insurance paid to the Federal Housing Association (FHA).
Normally, you may pay for these costs with the loan money, which means the total amount you receive from the loan will be less.
Ongoing Reverse Mortgage Costs
- Loan interest.
- Depending on your lender, you may have servicing fees for reasons such as having to send your account statements and distributing your loan proceeds.
- Annual or “ongoing” mortgage insurance – 0.5% of the outstanding balance.
- Property charges such as property taxes, homeowners’ insurance, and also flood insurance if applicable.
The more you take out and the longer your loan lasts will cause for larger ongoing fees. However, if you only take out what you need, this will help with the costs.
Talk to a Professional “Reverse Mortgage Lender Near Me” Today
Our specialists at Mortgage South are ready to get you started on your reverse mortgage. If you have any questions or concerns, we are happy to help. This is a great way to get ahold of your finances and be able to live your retired life as freely as possible. We are the “reverse mortgage lender near me” you have been looking for. Contact us today!
Call Mortgage South today at (423) 624-3878 to discuss your reverse mortgage options.