OUT OF POCKET COST

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OUT OF POCKET COST

Post  Linn F on 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.

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Re: OUT OF POCKET COST

Post  Lizzy B on 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.

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Re: OUT OF POCKET COST

Post  Foster Brown on Fri Feb 08, 2008 2:08 pm

Most of the cost can be added to the loan payment.

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Re: OUT OF POCKET COST

Post  Walter Cabe on 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.

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