A reverse mortgage was created so borrowers don’t have to pay most fees during the course of the loan. Typical upfront costs are for the appraisal and HUD-approved reverse mortgage counseling (some agencies waive counseling fees at their discretion). However, monthly FHA mortgage insurance must be paid, and there may be a monthly servicing fee associated with reverse mortgages (both of which will be financed and added to the loan balance). For more information, please talk to your loan originator.