Get Inman via Facebook Messenger
Our top headlines delivered once a day.
by CareyBot

DEAR BOB: About six years ago, I took out a senior citizen FHA reverse mortgage. The monthly income payments have helped me stay in my home rather than having to move to a rental apartment or one of those dreaded "assisted living" places. However, when I took out my reverse mortgage, my house was worth around $150,000. Today, it has skyrocketed in market value to about $400,000. Is there any way I can get a new larger reverse mortgage without having to again incur all those up-front loan fees? – Agnes W. DEAR AGNES: Yes. FHA recently reduced its up-front, streamlined mortgage insurance premium (MIP) for senior citizen reverse mortgage refinancing. Fannie Mae, the major buyer of FHA reverse mortgages in the secondary mortgage market, clarified that refinanced reverse mortgage...