Open Mortgage is committed to keeping all of our customers up to date on today’s reverse mortgage environment. Recently, The Department of Housing and Urban Development (HUD) announced changes to both the Reverse Mortgage Initial Principal Limit (“PL” – the amount you are able to borrow) and the Mortgage Insurance Premium (MIP). These changes have an important impact on future reverse mortgages.
Announcements from HUD: Starting October 2nd, 2017
HUD has announced several changes to reverse mortgages that borrowers may need to factor into their decision regarding reverse mortgages. These changes include:
Overall, these changes may have a significant impact on the value of your reverse mortgage. That is why it now makes more sense for those that have been on the fence about obtaining a reverse mortgage to contact their loan originator right away.
Our team will take a look at your numbers and see if it makes sense to expedite your loan before the changes go into effect. If you already have a loan originator you have been working with, or you’d like to speak with one soon, please contact Open Mortgage right away.
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