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Increased FHA premiums
Reverse Mortgage Borrowers May See Increased Insurance Premiums
It’s a consequence of the payroll tax cut extension: increased FHA premiums. Reverse mortgage borrowers may see increases of ongoing insurance premiums. Should borrowers bear the burden for a tax cut for working Americans?
2 Comments
MIP charges already keep some people from buying a home or doing a reverse mortgage. Assuming that the average person changes their home every 7 years, 14% of homeowners are carrying the tax load for the entire workforce.
I am a little lost on your comment. There were other offsets as well. FHA insurance was just one.