Almost all the costs of a Home Equity Conversion Mortgage (HECM) can be "financed," that is, they can be paid from the proceeds of this reverse mortgage loan. Financing the costs reduces the amount available to you, but it also reduces your out-of-pocket cost. The itemized costs of a HECM loan include an origination fee, third-party closing costs, a mortgage insurance premium, a servicing fee, and interest. We'll explain each in detail. … Back to Article
You can get weekly email alerts on the topics below. Just click “Follow.”Manage Alerts
The Cheap Life
Discounts & Benefits
From companies that meet the high standards of service and quality set by AARP.
Advice on saving for education from AARP® College Savings Solutions from TIAA-CREF.
Members can get cash back rewards on purchases with the AARP® Credit Card from Chase.
AARP® Auto Insurance Program from The Hartford offers members no-cost quotes.
Join or renew today! AARP members receive exclusive member benefits & affect social change.