Senior Equity Reverse Mortgage®
These numbers outline what you can expect.
There are reverse mortgage fees associated with these products, many of which are similar to those you’d pay on a first mortgage. All of the fees can be financed with the loan, so you’ll have no out-of-pocket expenses. Fees can vary, depending on which reverse mortgage product you choose.
| Fee Type |
Description |
Home Equity Conversion Mortgage (HECM) |
Senior Equity Reverse Mortgage™ Platinum |
| Origination Fee |
A fee paid at origination that covers operating expenses to set up the loan. |
2.00% of the maximum claim amount or $2,000, whichever is greater |
1% of home value up to a maximum of $10,000 plus a $795.00 processing fee |
| Closing Costs1 |
Fees paid at origination that include all third party vendor costs—closing costs may include an appraisal, title search, flood certification, and title and hazard insurance. |
Standard closing costs apply |
Standard closing costs apply |
| Servicing Fee |
A fee used to cover the cost of servicing the loan—costs may include monthly statements, insurance and tax verification, periodic property maintenance inspections and processing your withdrawals and other requests. |
$30 per month |
$25 per month |
| Mortgage Insurance |
The borrower will be charged mortgage insurance premiums (MIP) to reduce the risk of loss in the event that the outstanding balance, including accrued interest, MIP and fees, exceeds the value of the property at the time that the mortgage is due and payable. |
2% of the maximum claim amount is charged at closing and a .5% fee is included in the interest rate |
$0 |
| Counseling Fee |
A fee paid to third party independent counseling agency |
$125 |
$100 |
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How Do You Apply?
1Please talk to your Equity Loan Officer for further details about reverse mortgage closing costs.