Reverse Mortgage increased fees and reduced available principal limit

Following the budget briefing on Monday, NRMLA (National Reverse Mortgage Lenders' Association) reported that the Administration’s proposed Fiscal Year 2011 budget for the U.S. Department of Housing and Urban Development would increase the annual mortgage insurance premium on Home Equity Conversion Mortgages from 0.5 percent to 1.25 and reduce principal limit factors by a small amount.