The reason is that what contractors might charge to remove the current flooring, especially in cases of tile and hardwood, can vary wildly. Installation costs can vary just as much, so we would recommend contacting 2-3 contractors and asking how much they charge per square foot for removal and installation of flooring.
Multiply the amount of your loan times the total number of points as a percentage. Using figures from the above steps, the three points bought with a $400,000 mortgage would cost $12,000: $400,000 x 0.03 = $12,000.
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.