Some Banks charge monthly fees on Reverse Mortgages.  These fees are added to your loan.  Once they are added to your loan you will find you are accumulating compounding interest.  If you are debited $10 per month that is an extra $120 plus compound interest on your loan every year.  There are many lenders in the Reverse Mortgage Market who do not charge a monthly fee and frequently their interest ratres are also cheaper.

This entry was posted on Wednesday, April 23rd, 2008 at 12:07 pm and is filed under Equity Release Tips. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.