If you have been searching Google for “reverse mortgages near me Mount Juliet,” you are in luck. Our company was the first reverse mortgage lender in the state of Tennessee. Since closing the first reverse mortgage in the state in 1993, we have helped over 3,000 homeowners. If you are in the Nashville area, we want to use our expertise to help you. In addition, we would love to answer any of your questions and concerns.
A lot of clients believe that a reverse mortgage may cost too much. However, in reality, the benefits often outweigh the costs. You can even finance your closing costs, so that you do not have any out-of-pocket expenses. For more information on what a reverse mortgage looks like, here is a look at the upfront and ongoing costs.
What Do Reverse Mortgages Near Mount Juliet Look Like?
Upfront Costs of a Reverse Mortgage
- An origination fee to the lender, not to exceed $6,000.
- Closing costs, which include the appraisal, title search, surveys, inspections, mortgage taxes, credit checks, and others.
- Initial mortgage insurance that is paid to the Federal Housing Association (FHA).
Ongoing Costs of a Reverse Mortgage
- Interest on the loan.
- Servicing fees for work such as processing your account statements, etc. These fees will depend on the lender.
- Mortgage insurance, which will be 0.5% of the outstanding amount.
- Keeping up with property taxes, homeowner’s insurance, and other expenses such as flood insurance.
Talk With Your Local Reverse Mortgage Lender
Our team is ready to answer any questions you have about reverse mortgages. We want our clients to feel comfortable bringing us any of their concerns. We want you to be comfortable throughout the entire process of applying for a reverse mortgage. A reverse mortgage is a chance for those in their retired years to either catch up on their financial struggles or to fully live out retired life.
One of the benefits of a reverse mortgage is that the loan is not due until the sale of the home or death of the borrower. Your search for “reverse mortgages near me Mount Juliet,” can finally be over. Give us a call today to get started!
To explore your reverse mortgage options, call Mortgage South at (615) 657-5878.