“Your loan funds will first be used to pay off any existing mortgage on your home, and a new lien will be placed on your home with the reverse mortgage. You can then use the remaining funds from your reverse mortgage any way lowest interest rates personal loans you choose,” DeMarkey said. How and when you receive funds will depend on whether you elect to receive the loan proceeds as a lump sum, line of credit, or monthly cash advances.
The costs to refinance a reverse mortgage are similar to what you would pay for a new reverse mortgage or traditional mortgage.
You’ll owe closing costs that may include a lender origination fee, as well as third-party fees for the appraisal, credit check, surveys (if required), and recording fees.
HUD caps the amount a lender can charge in origination fees at $6,000. They may charge $2,500 or 2% of your home’s value up to $200,000 plus 1% of its value above that, whichever is greater. But the origination fee cannot be more than $6,000.
Your closing costs can be paid in one lump sum at closing or rolled into your loan balance if you choose.
The FHA mortgage insurance premiums for a HECM include an upfront fee of 2% of the loan amount, and an annual fee of 0.5% of the loan balance. Ler mais
NOSSOS CLIENTES