However, a set-aside account can be set up for taxes and insurance, and in some cases may be required. Although these costs may be substantial, GoodLife Home Loans does not establish an escrow account for these payments. Reverse mortgage loan terms include occupying the home as your primary residence, maintaining the home, paying property taxes and homeowners insurance. To process your request for a reverse mortgage, GoodLife Home Loans may forward your contact information to such lenders for your consideration of reverse mortgage programs that they offer. GoodLife Home Loans works with other lenders and financial institutions that offer reverse mortgages. Speak with your loan officer to determine if these fees apply.Ī reverse mortgage increases the principal mortgage loan amount and decreases home equity (it is a negative amortization loan). They must also maintain the home’s safe, working condition to the minimum standards established by the Federal Housing Administration (FHA). Borrowers must also keep up with property taxes, applicable Homeowner’s Association (HOA) fees, and any other financial obligation that could result in a lien on the property. Ongoing costs associated with a reverse mortgage include the lender’s servicing fee and mortgage insurance. Borrowers may also be charged for expenses incurred by a third party at the time of close such as, a credit report fee, flood certification fee, escrow closing fee, document preparation fees, recording fees, courier fees, title insurance, pest inspection, and property survey. There are several types of costs that may be deducted from your available loan proceeds, such as the appraisal fee, origination fee, and the initial mortgage insurance premium. We pass the savings directly onto you, so you’ll spend less on third-party expenses and access more of your home equity in the form of cash proceeds.

At GoodLife, we’re able to cut out the middlemen and originate the loan entirely in-house.

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