Yes, there are fees involved with doing a reverse mortgage.
HECM’s are not free government money for seniors to retire on. They are loans after all.
The reverse mortgage also knows as HECM (home equity conversion mortgage) is insured by the FHA (Federal Housing Administration) to add extra safety features for seniors and heirs. This loan is surging in popularity as seniors hit retirement and wish to extract equity from their homes while also remaining full owners of the property (not to mention being able to gift the home as inheritance).
Origination fees make up a large chunk of HECM closing costs, and this article will explain how you can get a reverse mortgage with $0 in origination fees. $6,000.00 is the most any lender can charge for this fee.
99% of ALL reputable HECM lenders/banks charge an upfront origination fee of $6k to borrowers, but Click Quote Save has scoured the country to find a reputable lender who is willing to WAIVE ALL ORIGINATION FEES.
IF YOU QUALIFY FOR THE HECM REVERSE MORTGAGE, SIMPLY BY CALLING US OR COMPLETING OUR QUOTE FORM ONLINE, WE WILL INTRODUCE YOU AT NO COST, TO OUR PREFERRED NETWORK BANK SAVING YOU THE $6,000 IN HECM ORIGINATION FEES.
We have five years in making this deal. We encourage all seniors to use this as leverage if they are working with other reputable HUD-approved HECM lenders.
The particular lender we have found has an excellent reputation is a 100yr old banking institution, has this incredible $0 fees program, and is licensed nationwide.
We are proud to offer this offer to all seniors who use Click Quote Save for the introduction. We get paid a tiny introduction fee to keep our website’s content alive. YOU receive the absolute best offer in the entire country by paying $0 in upfront origination charges for the HECM reverse mortgage.
There is only one FHA-insured HECM reverse mortgage loan program in the US, why pay more? Our lender can beat any offers and 99% of the other banks we have compared charging $4500-$6000 in origination fee alone.
The maximum fee a lender can charge you for origination fees is $6000.00. The cap was set to protect seniors against scrupulous lenders.
Most banks use this to their advantage and market this upfront free (it’s rolled into your loan) as a standard cost of doing business. NOT TRUE. NOT every lender is going to charge such a high origination fee.
We started Click Quote Save to save seniors just like you time/money/energy. We have done our due diligence and compared 20+ banks to put this offer in front of you.
Feel free to get the above in writing from our partner bank. Regarding reducing the origination fee, $0, is the lowest any lender can go. Our offer stands for all seniors who qualify for the program, and there is no haggling involved on your end.
Receive the best reverse mortgage quote, with the lowest upfront fees through our partner bank and the best part is there are no hoops to jump through.