Currently viewing the tag: "mip"

4.99% with 1.25% MIP or 5.56% with .50 MIP?

By On September 30, 2010

It’s really a personal decision as to whether or not to chose the newer MIP of 1.25% vs. .50%. If you have the choice, the newer loan with the higher MIP will yield more money, as stated in another post but what will be the difference in the ongoing costs? They will be higher but how much? Simple math will fix this and make your decision much easier.

Current loan note rate 5.56%

Plus current MIP .50%

Total Annual Rate 6.06%

New loan note rate 4.99%

Plus new MIP 1.25%

Total Annual Loan Rate 6.24%

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FHA Reverse Mortgage Fees Change Again

By On September 29, 2010

Recent changes in the HUD insured reverse mortgage program has left some of us scratching our heads, again. The program, once described by many as “Too good to be true,” is having a hard time living up to that comment in light of the new fee changes set to go into affect in October of this year.

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Reverse Mortgage Concepts Pays Up Front MIP

By On August 4, 2010

Reverse Mortgage Concepts, an Arizona reverse mortgage broker is quoting fixed rate, FHA reverse mortgages with 100% lender paid MIP. Borrowers can elect to have a 5.49% interest rate without having to pay the up front mortgage insurance premium required by HUD, instead, the lender will pay for 100% of the MIP. In addition, another choice of a lower rate, 4.99%, comes without lender paid MIP.

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FHA Insured Reverse Mortgage Monthly Premiums to Rise

By On July 27, 2010

I thought it would be necessary to post this article just after my last “Lowest Reverse Mortgage Fees” because there are definitely some issues of concern about the ongoing costs of reverse mortgages, or any FHA loan for that matter. The last article defined the reasons for the dramatic decrease in up-front closing costs and fees associated with obtaining the reverse mortgage while this article aims to discuss the ongoing fees and charges that appear on a borrower’s reverse mortgage statement and thus, are added to the loan balance.

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