Expect to pay an
origination fee of 2 %, 3 %, 4 %, or 5 % depending upon whether the length of the
loan is 24, 36, 48, or 60 months, respectively.
You can
expect the following
fees when entering into a reverse mortgage:
loan origination, title insurance, recording, credit application, and the initial payment of the mandatory mortgage insurance premium (IMIP).
Unfortunately,
origination fees are an industry standard, so even on the very best mortgage
loan offers, borrowers will be
expected to pay
origination fees.
If you decide to proceed with the
loan, you can
expect to pay higher - than - average closing costs based on the value of your home, including
origination fees, upfront mortgage insurance and appraisal
fees.
Additional documents you can
expect the lender will require you to sign include, a TRID Notice, a uniform residential
loan application, a good faith estimate, a truth - in - lending disclosure statement, an acknowledgment of receipt of home ownership counseling notice, home ownership counseling list, an authorization for the social security administration (ssa) to release social security number (ssn) verification, a notice of right to receive a copy of appraisals, authorization to release information, a mortgage brokerage business contract, notice to the home
loan applicant credit score information disclosure, affidavit of occupancy, anti-coercion statement, equal credit opportunity act disclosure, flood disaster protection act of 1973 disclosure, mortgage
loan origination agreement, patriot act information disclosure, privacy policy disclosure, servicing disclosure statement, IRS Form 4506 - T — Request for Transcript of Tax Return, Florida mortgage brokerage
fee agreement, and an informed consumer choice disclosure notice.