- Reverse mortgages are even worse for hidden fees. I’ve seen “document prep” charges that are literally just someone hitting print.
I've actually had a few lenders break down every single fee right up front, especially the local credit unions. Maybe it's a regional thing? Not saying there aren't junk fees, but sometimes it's just about finding the right shop. Big banks—yeah, they're brick walls on negotiating. Smaller lenders, I've even seen them waive stuff if you push back a little.
I’ve run into both sides of this. Had a reverse mortgage pitch where the “processing” fee was almost $2k—when I asked for a breakdown, it was mostly fluff. But with a local lender, they actually walked me through every line item and even knocked off a courier fee when I questioned it. It really does come down to who you’re dealing with. Big banks just aren’t flexible, but smaller shops sometimes surprise you if you push back a bit. Still, I always triple-check the closing docs... those “miscellaneous” fees sneak in fast.
I’ve noticed the same thing—smaller lenders tend to be more transparent, and you can actually negotiate a bit if you know what you’re looking at. Big banks rarely budge on fees, but I guess that’s the trade-off for their scale. I always wonder how many folks just accept those “miscellaneous” charges without a second thought... it adds up fast.
I always wonder how many folks just accept those “miscellaneous” charges without a second thought... it adds up fast.
That’s exactly what worries me. I went through the paperwork line by line and still almost missed a couple of those random fees. With the bigger banks, it felt like there was zero room to question anything—they just pointed to their “standard process.” Smaller lenders at least explained what each charge was for, even if they couldn’t always waive them. It’s a lot to keep track of, especially if you’re not used to reading these documents. I guess some people just assume it’s all non-negotiable, but that’s not always true.
I guess some people just assume it’s all non-negotiable, but that’s not always true.
That’s a good point. Did you ever try pushing back on any of those fees, or did you just accept them in the end? I’ve heard some lenders will actually budge if you ask, but I’ve never been sure how far you can push before they dig in their heels.