How to Minimize Reverse Mortgage Closing Costs

Reverse mortgage closing costs are very similar to costs assumed when closing a standard mortgage. The costs may be a little lower because no inspection or change in ownership on the property is required. The lender will still charge an origination fee and the cost to add them as a lien holder to the title. You can reduce these fees taking a few simple steps.

File the Lien Yourself

You can record the lien at your county registrar's office the process is relatively simple. You will need the deed to the home, loan contract and other documents as required by your specific county. Then, make an appointment or simply go to the registrar's office. You will have to wait in line, but the actual process is fairly simple. This will save you approximately $50 to $100.

Provide Application Documents in Full

Having your lender verify your income or credit score can cost you more money than getting the information yourself. Make copies of your tax schedule to verify your income. If you already use a credit monitoring service, you can request a complete credit report for a low fee. The report can even be sealed and sent directly to the lender. This will save you approximately $30 to $50.

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