Q: What are the Typical Costs Involved? A: Borrowers are Responsible for Closing Costs All closing costs can be funded directly through the loans Closing costs are similar to those of any other mortgage loan Typical Loan Closing Costs Include Appraisal Title search and insurance Recording fees and mortgage taxes Other typical and customary closing costs Total Annual Loan Cost (TALC) TALC combines all of the costs of a reverse mortgage into a single annual average rate and can be very useful when comparing one type of reverse mortgage to another. Reverse mortgages vary in term of their features, benefits and costs. So it’s not always easy to compare "apples to apples." If you are considering a reverse mortgage, be sure to ask the lender or counselor to explain the TALC rates for the various reverse mortgage product options.