It seems to be official now, according to yesterday's Reverse Mortgage Daily, there will be a decrease in borrower proceeds, and an increase to the annual MIP charge. This will take place on October 4th of this year, and the decrease in proceeds will be anywhere from 1% to 5%.
Typically, any borrower with an assigned FHA Case Number, will be protected under the current policy, so this change should be no different. We will notify you, if we hear otherwise. This will be a great time to speak with borrowers who are on the fence, or are considering a refinance.
We will be ready for the rush of submissions prior to October 4th, to ensure that all of our client's borrowers have an FHA Case Number assigned prior to the deadline.
Read the entire Reverse Mortgage Daily Article Here.