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.
You can pay, potentially, thousands of dollars to get a reverse mortgage. The costs you would need to pay are the same costs that you would pay to get a traditional mortgage. Here are estimates on typical costs you will find on either a reverse mortgage or a traditional mortgage. 1  Appraisal $350.