Ask The Expert: Why are the fees so high?

posted by: Mark Schmidt Reverse Mortgage Specialist (773) 504-9633

Like any product that is unique, the reverse mortgage is a little more expensive to get. That being said, it is difficult to compare its fees to other loans on an apples-to-apples basis because there is no other loan quite like it. Only the reverse mortgage lets you access the equity in your home without having to qualify based on your income or credit history and without having to make any monthly payment to the lender for as long as you live in the home. For many seniors on a fixed income who are “house rich, cash poor”, these unique benefits of a reverse mortgage far outweigh its costs. 

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