Hurry! Reverse Changes Coming October 2
We’re short and sweet this week, since something big is happening in the world of reverse mortgage.
On August 29, 2017 the U. S. Department of Housing and Urban Development announced changes to the Home Equity Conversion Mortgage program. This speaks to all federally-insured reverse mortgages, and is important because right now there is no other kind of reverse.
Borrowers will see higher mortgage insurance premiums, and reduced reverse benefits, with case numbers issued on or after October 2, 2017. The case number is what ties you to reverse mortgage guidelines, and it cannot be issued before you do your reverse mortgage counseling.
If you’ve been thinking about taking a reverse mortgage, get on it right now to beat these changes. If you need more information, please phone.
Tammy Engel is your local Mortgage Advisor, and has been working for your best interest since 1990. Contact her at 661/822-7325 about purchase, refinance, and reverse mortgage.