How much does reverse mortgage counseling cost?
Andy A asked:
I was reading a site called www.reversemortgageabcs.com that talked extensively about the need for reverse mortgage counseling and even where I could find a counselor. However, it did not mention how much it would cost nor did it mention whether I would have to pay for it (or if the lender would) if I decide not to proceed with the reverse mortgage.
I was reading a site called www.reversemortgageabcs.com that talked extensively about the need for reverse mortgage counseling and even where I could find a counselor. However, it did not mention how much it would cost nor did it mention whether I would have to pay for it (or if the lender would) if I decide not to proceed with the reverse mortgage.
January 3rd, 2009 at 6:23 am
The borrower doesn’t pay for it at all. The lender pays. On most, if not all, reverse mortgages, the borrower doesn’t pay anything if the loan doesn’t close. Say your appraisal is too low. You don’t pay any fees.
Look at the AARP website. They have a lot of details there. Bank of America’s website is very good. They have a calculator to give you an idea how much you might be able to get.
January 6th, 2009 at 10:19 am
There is no charge to you.