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OUT OF POCKET COST
Linn F Thu Feb 07, 2008 12:50 pm
What will the out of pocket cost be on this type of loan. I'm just wondering if that is a downside to this loan. It sounds to good to be true to me.
Linn F- Posts : 20
Join date : 2008-02-05
Re: OUT OF POCKET COST
Lizzy B Fri Feb 08, 2008 12:48 pm
The only out-of-pocket cost is the fee to appraise your home. The fee for an FHA Certified Appraisal usually ranges from $450 to $550, depending on your area.
Lizzy B- Posts : 23
Join date : 2008-02-05
Re: OUT OF POCKET COST
Foster Brown Fri Feb 08, 2008 2:08 pm
Most of the cost can be added to the loan payment.
Foster Brown- Posts : 20
Join date : 2008-01-28
Re: OUT OF POCKET COST
Walter Cabe Fri Feb 08, 2008 3:52 pm
Almost all costs can be financed, that is, they can be paid from the proceeds of your HECM Reverse Mortgage. Costs include origination fee, third-party closing costs, FHA insurance premium, servicing fees, and interest. The only out-of-pocket cost is the fee to appraise your home. The fee for an FHA Certified Appraisal usually ranges from $450 to $550, depending on your area.
Walter Cabe- Posts : 23
Join date : 2008-01-28
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