Reverse Mortgage Costs

Expert, localized Los Angeles answers provided by Heather Roy

Reverse Mortgage Costs
	Dear Edith: About reverse mortgages, I was wondering if the closing costs also come out of the value of the house when it is sold, or do you have to pay these while you are receiving the funds?

	Those closing costs become the beginning of your debt, so that before you receive your first check, you start out with a mortgage of several thousand dollars.Then as you receive money (monthly, in a lump sum, or as a line of credite ) the debt grows with interest.It need not be repaid until you move out or die.
	Edith Originally published on April 6, 2006

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