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Refinancing reverse mortgage gets cheaper |
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| Author | Message |
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The Mortgage-Pro
Site Admin
Joined: 19 Jan 2005
Posts: 2248
|  Posted: Wed Feb 09, 2005 5:56 am Post subject: Refinancing reverse mortgage gets cheaper |  |
| By Robert J. Bruss
Inman News
DEAR BOB: About six years ago, I took out a senior citizen FHA reverse mortgage. The monthly income payments have helped me stay in my home rather than having to move to a rental apartment or one of those dreaded "assisted living" places. However, when I took out my reverse mortgage, my house was worth around $150,000. Today, it has skyrocketed in market value to about $400,000. Is there any way I can get a new larger reverse mortgage without having to again incur all those up-front loan fees? – Agnes W.
DEAR AGNES: Yes. FHA recently reduced its up-front, streamlined mortgage insurance premium (MIP) for senior citizen reverse mortgage refinancing. Fannie Mae, the major buyer of FHA reverse mortgages in the secondary mortgage market, clarified that refinanced reverse mortgages will have a 2 percent MIP charge for only the difference between the original and the new maximum FHA claim amount. |
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