Typical Costs
The costs involved vary with each program, i.e. HECM, Homekeeper, or Cash Account. For the most part the fees are very similar to a forward mortgage or conventional loan.
The HECM and Homekeeper fees involve title insurance, escrow, origination, appraisal, recording, courier, document preparation and other minor fees, which are all standard. The HECM is an FHA product and is insured, and thus carries a mortgage insurance premium that is not typical to a conventional loan.
The Financial Freedom Cash Account costs vary with which product is chosen. The Credit Line Option has the same typical fees as the HECM and Homekeeper. The Combo Option only has the fees involved with the transaction, such as title insurance, escrow, appraisal and so on, thus eliminating the origination fee. The Cash Out Option is unique in that it is a zero cost, no fees loan.
All fees involved are paid with the proceeds of the reverse mortgage and thus there is no upfront cost to you.