Is Getting a Reverse Mortgage Expensive to Set up?

Not really. No more expensive than a standard home loan or 'Forward Mortgage'. Most Reverse Mortgage lenders charge an up-front application fee of $950-$1,000, and then they absorb the cost of the property valuation. However, some will pass on the valuation cost to the applicant. Other than that, the normal govt fees & duties are applicable just like any other mortgage. For budgeting purposes, always allow $1,500 to $2,000 in costs & fees when getting a Reverse Mortgage.