HUD Clarifies Revers Mortgage Changes

HUD held an industry wide conference call to go over the upcoming changes to reverse mortgages and open up the line to questions from lenders around the country.  Starting on October 1, 2013, the reverse mortgage program will offer a reduced FHA mortgage insurance of .5% when loan disbursements are limited to 60% of the principal limit or charge a 2.50% FHA mortgage insurance for disbursements that exceed 60%.  For a review of the HUD changes, visit:  http://portal.hud.gov/hudportal/HUD?src=/program_offices/administration/hudclips/letters/mortgagee