Agent

Reverse mortgage closing costs raise red flag

How much should charges be?

DEAR BOB: How much in total closing costs should I expect to pay to obtain a senior citizen homeowner reverse mortgage? I hear $8,000 to $9,000 is fair – William P. DEAR WILLIAM: The exact answer depends on the type of reverse mortgage you obtain, such as FHA, Fannie Mae or Financial Freedom Plan, and the appraised market value of your home. Purchase Bob Bruss reports online. As a very general rule, closing costs should be around 6 percent of the reverse mortgage amount. The higher the maximum loan, the lower the cost percentage. A great new book I just finished reading on this topic is "Pocket Idiot's Guide to Reverse Mortgages" by Jennifer A. Pokorney. It is available in stock or by special order at local bookstores, public libraries and www.amazon.com for only $9.95. Pokorney answers the many typical reverse questions like yours. WILL HAS NO EFFECT ON JOINT TENANCY PROPERTY DEAR BOB: My dad married my stepmother about three years ago. Shortly after marriage, they bought...