Typical fees on Home Equity Reverse Mortgages (HECM) Reverse Mortgages are based upon either the value of the home or the HUD lending limit. whichever is LESS. For example if you have a 400K home and the HUD limit in your area is 292K, the fees will be based upon the 292k figure. fee’s are 2% Mortgage Insurance Premium(MIP) 2% origination (this is what goes to the broker-lender) and your typical closing costs such as appraisal, lawyer, recording, title…Etc.Etc. Hope this helps..any other questions let me know.
Stephen
ReverseMortgageSpecialist.com
i don’t kknow.
yahoooo! | Nov 2, 2008 | Reply
Typical fees on Home Equity Reverse Mortgages (HECM) Reverse Mortgages are based upon either the value of the home or the HUD lending limit. whichever is LESS. For example if you have a 400K home and the HUD limit in your area is 292K, the fees will be based upon the 292k figure. fee’s are 2% Mortgage Insurance Premium(MIP) 2% origination (this is what goes to the broker-lender) and your typical closing costs such as appraisal, lawyer, recording, title…Etc.Etc. Hope this helps..any other questions let me know.
Stephen
ReverseMortgageSpecialist.com
ReverseMortgageSpecialist.com | Nov 5, 2008 | Reply