18 www. BoomersResourceGuide .com Reverse mortgage lenders ag- gressively push seniors to take the proceeds in a lump sum so they can earn interest on a high loan balance. By law a loan originator must present all options that are avail- able to you. Counselors are in cahoots with the Lenders and only there to make sure you take out a reverse mortgage. Untrue. Counselors must be independent and are tested and certified by HUD. A counselor’s responsibility is to the borrower, not the lender. Reverse mortgages are expensive. Reverse mortgage fees are simi- lar to those for any other mortgage product.The one additional fee is the Mortgage Insurance Premium, which is paid to the government mortgage insurance fund to protect you in the event the loan balance grows larger than the value of your home. For more information, view the longer version of this article at www.seniorcitizensguide.com/pgh. Article provided by Randy Davis, NMLS # 489472, Certified Reverse Mortgage Professional at Dollar Bank, www. dollarbank.com/reversemortgages. Source: National Reverse Mortgage Lenders Association.