A reverse mortgage is a special way of accessing cash to fund a retirement lifestyle. It can take the place of downsizing in order to reduce living costs. That said, its interest rates can be a little higher than traditional mortgages or loans. But its conditions can be better for retirement, than say, an equity take-out (ETO), which requires you to make regular mortgage payments. The fees to obtain a reverse mortgage, if you qualify, will include: Appraisal fees Lawyer fees to obtain independent, legal advice (this may be required for the loan application) Administration, title insurance and registration fees (i.e. set up fees). There may also be prepayment penalty fees, if you choose to repay your loan early.