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Reverse mortgages revisited

Posted by Cheryl Costa  August 16, 2008 07:57 AM

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I have received some great comments on my blog post on reverse mortgages, so here is an update. First, two readers thought my estimates of the fees associated with reverse mortgages were too high. One person who works in the industry tells me that the fees associated with a $250,000 reverse mortgage should be close to $12,000. Another told me that he always charges less than the amounts permitted by the FHA. So, as is the case with traditional mortgages, it pays to do your homework and shop around.

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