As with a regular mortgage, you'll have to pay closing costs on a reverse mortgage. You may be able to roll closing costs into your monthly payments rather than pay them upfront. But this payment method means you'll receive less in cash each month. You can expect to pay the following closing costs: Mortgage insurance premiums: There's a 2% MIP closing cost, then an annual MIP of 0.5% of the amount you've borrowed. Origination fees: Your origination fees are capped at $6,000. Real estate closing costs: You'll pay fees to third parties for things like a home appraisal, home inspection, and credit checks. There are other fees to keep in mind, too. Remember that you're required to meet with a HUD counselor before closing on an HECM, and you'll have to pay them. You'll also pay interest and servicing fees to your lender.