Are you searching the web for a “reverse mortgage lender near me?” Look no further! With three decades of experience serving the Chattanooga, Knoxville, and Nashville areas, we have the expertise you seek.
A reverse mortgage is a home loan tailored for individuals aged 62 and above. This type of loan is useful for various purposes, such as covering medical expenses, home repairs, or even fulfilling your long-awaited travel aspirations. However, like any loan, it comes with requirements, costs, and potential risks. Let’s take a closer look at the expenses that accompany reverse mortgages.
Reverse Mortgage Costs
Initial Reverse Mortgage Costs
- An origination fee, payable to the lender, with a $6,000 cap.
- Real estate closing costs, encompassing appraisal, title search, surveys, inspections, mortgage taxes, credit checks, and other related charges.
- Mortgage insurance premium you’ll pay to the Federal Housing Administration (FHA).
Typically, you can finance these costs with the loan amount, reducing the total funds you receive.
Ongoing Reverse Mortgage Costs
- Accrued loan interest.
- Possible servicing fees, depending on your lender, for services like account statements and loan distribution.
- Annual or “ongoing” mortgage insurance, amounting to 0.5% of the outstanding balance.
- Property expenses, including property taxes, homeowners’ insurance, and flood insurance (if applicable).
Choosing to withdraw only the necessary funds will help minimize these ongoing costs.
Speak with Professional “Reverse Mortgage Lenders Near Me”
The experts at Mortgage South are prepared to assist you with your reverse mortgage journey. Should you have any questions or concerns, we are here to provide guidance. Embracing a reverse mortgage allows you to access your home equity and enjoy your retirement the way you’ve always wanted to. Look no further for “reverse mortgage lenders near me”—we are the solution you’ve been seeking. Get in touch with us today!
To explore your reverse mortgage options, call Mortgage South at (423) 624-3878.