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The origination fee is what the reverse mortgage lender earns on the loan. The FHA uses a formula to determine what the lender can charge. The formula is: 1  2% of the first $200,000 of the propertyâs value and 1% of the amount over $200,000. 2  A maximum of a $6,000 origination fee.
An average reverse mortgage costs close to $13,000, and is paid from the proceeds of the loan. That being said, closing costs are customizable, with some reverse mortgages costing closer to $2,500.No. The money you receive from a reverse mortgage is yours, and can be used for whatever you like.n average reverse mortgage costs close to $13,000, and is paid from the proceeds of the loan. That being said, closing costs are customizable, with some reverse mortgages costing closer to $2,500.