Zillow Advice: Mortgage - How much does it cost for a reverse mortgage http://www.zillow.com/advice-thread/How-much-does-it-cost-for-a-reverse-mortgage/519610/ Zillow Advice | Zillow Real Estate This is a difficult question ... http://www.zillow.com/advice-thread/How-much-does-it-cost-for-a-reverse-mortgage/519610/ This is a difficult question to answer because it depends on the type of reverse mortgage, term, tenure, your finances, etc. A reverse mortgage is a monthly payment you are given (usually tax free) in exchange for equity in your home, along with interests. This is usually paid back by either your family or upon the house being sold when the holder passes. If you are seriously considering this route you should speak with a lender. Lenders like myself would be glad to speak with you to help you get started on this process. I hope this helps and good luck! Thu, 21 Nov 2013 20:19:00 GMT http://www.zillow.com/advice-thread/How-much-does-it-cost-for-a-reverse-mortgage/519610/ 2013-11-21T20:19:00Z Reverse mortgage loans are ... http://www.zillow.com/advice-thread/How-much-does-it-cost-for-a-reverse-mortgage/519610/ Reverse mortgage loans are FHA insured loans that have certain costs associated with this program. As the core element of the reverse mortgage lies between which program you decide (line of credit, tenure, etc) then the closing costs would vary based on the program you decide is best for you. I would strongly suggest in shopping around for the best price, as you need a lender who not only specializes in these programs, but a bank that knows the guidelines in and out that can explain each detail to you. <br/>&nbsp;&nbsp; If you have any questions regarding reverse mortgages and/or any other program, please don't hesitate to contact me through my Zillow page. Thank you and Good Luck with everything. Wed, 20 Nov 2013 22:39:00 GMT http://www.zillow.com/advice-thread/How-much-does-it-cost-for-a-reverse-mortgage/519610/ 2013-11-20T22:39:00Z the cost of the reverse mortgage ... http://www.zillow.com/advice-thread/How-much-does-it-cost-for-a-reverse-mortgage/519610/ the cost of the reverse mortgage depends on the loan term that you pick.<br/>the fees are generally rolled into the loan so you dont have to pay them out of pocket and will be added to whatever balance you owe on your mortgage.<br/><br/>the only out of pocket expense that you will incur is the appraisal cost, which is paid prior to closing and regardless if the loan goes through or not Wed, 20 Nov 2013 18:27:00 GMT http://www.zillow.com/advice-thread/How-much-does-it-cost-for-a-reverse-mortgage/519610/ 2013-11-20T18:27:00Z There are a lot of rules ... http://www.zillow.com/advice-thread/How-much-does-it-cost-for-a-reverse-mortgage/519610/ There are a lot of rules in a reverse, but they don't cost much. You basically use your home as equity for a loan in which you get a set amount of money each month to do with as you want. You are slowly depleting the equity in your home and the lender is charging an interest rate on the money they give you. You keep your home but when you pass the reverse mortgage loan must be repaid along with the interest charged. Often the only way is for the family to sell the house to pay off the reverse loan. If the owner lived a short time and took out a little money there could be proceeds left after the house sells. If the owner lived a long time the bank likely will not get enough on the sale and forecloses on the house leaving nothing at all for the family. Wed, 20 Nov 2013 18:18:00 GMT http://www.zillow.com/advice-thread/How-much-does-it-cost-for-a-reverse-mortgage/519610/ 2013-11-20T18:18:00Z