The Good Faith Estimate (GFE) is a form that a lender must give a consumer when they apply for a reverse mortgage. It lists basic information about the terms of the mortgage loan offer, including the estimated costs of the mortgage loan, to help customers compare offers, understand the real cost of the loan, and make an informed decision about choosing a loan.
The lender must deliver the GFE to the customer within three business days of receiving their application or other required information. The customer can be charged a credit report fee before receiving the GFE, but they cannot be charged any other fees until receiving the GFE and indicating they want to proceed with the mortgage loan.