Reverse Mortgages 2012

According to Reverse Mortgage Insight, the top three reverse mortgage lenders for 2011 were MetLife Bank, One Reverse Mortgage and Urban Financial Group. Origination fees with lenders can be as high as 2% of the home’s value, capped at $6,000. Closing costs are frequently an additional 2% and there are mortgage insurance fees charged by HUD. The interest rate charged on these loans is generally higher than the rate someone would pay with a traditional fixed-rate mortgage.