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Contributed by mm | October 19, 2006 12:18 PM PST
Under the HECM program, borrowers are charged a mortgage insurance premium (MIP), equal to 2 percent of the maximum claim amount, or home value, whichever is less, plus an annual premium thereafter equal to 0.5 percent of the loan balance.
The MIP guarantees that if the company managing your account – commonly called the loan “servicer” – goes out of business, the government will step in and make sure you have continued access to your loan funds. Furthermore, the MIP guarantees that you will never owe more than the value of your home when the HECM must be repaid.
Source: ReverseMortgage.com
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The origination fee covers a lender's operating expenses—including office overhead, marketing costs, etc.—for making the reverse mortgage. Under the HECM program, which accounts for 90 percent of all reverse mortgages made in the U.S., the origination fee is equal to the greater of $2,000 or ...
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Reverse Mortgage FAQ: Payment Options In HUD Reverse Mortgage (October 19, 2006)
You have five options: - Tenure - equal monthly payments as long as at least one borrower lives and continues to occupy the property as a principal residence. - Term - equal monthly payments for a fixed period of months selected. - Line of Credit ...
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