Reverse Mortgages Still Costly, but Less So

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The link below takes you to a new York Times article.  What many forget to mention is that in New York State you don't pay mortgage tax on a reverse mortgage.  Thats a savings of at least 1% and in some counties more than 2%.  With origination fees lowered, and monthly service feeswaived,  reverse mortgages become cheaper that forward mortgages in some cases.  Every loan is different but definitely worth looking into.

http://www.nytimes.com/2010/04/17/your-money/mortgages/17money.html#

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