Most of the sites we have come across a mortgage broker, only to praise the current mortgage and do not mention fees, so I wanted to detail the current mortgage payments, that the typical consumermay face.
Make an informed decision
First, it should be very clear, no fee reverse mortgage before you start the application process. Just like buying a car, you do not want to learn about unexpected expenses once alreadyemotionally involved. Make sure that the reverse mortgage iscrystal clear from the get-go, what charges to expect. Do not be shy to ask questions, an informed consumer, who gets the bestdeal!
Cost Comparison
There are only two current mortgage brokers in Canada, theSeniors money and tokens. Each charge different fees, which are outlined below.
Seniors free
There is no initial setup fee of $ 1,275 Seniors Money, whichcovers the cost of the third expert. Seniors Money Equity offersprotection to ensure that a certain number of shares remains in the house, a one-time fee of $ 295. They also offer a boost of $ 95 perpayment.
CHIP costs
CHIP initial setup fee of $ 1485, which does not include any otherassessment home. The chip will be required to pay for their assessments in the home, the cost, which cites the CHIP at $ 175 -$ 400. They do not offer options such as Seniors Money is.