Monday, November 1, 2010

FHA Increases Proceeds for Many Borrowers

Starting October 4, 2010, HUD is also lowering the effective interest rate floor from 5.50 to 5.00 percent. Because interest rates are so low, many reverse mortgage borrowers will receive more money than previously available, despite the principal limit reductions.
According to IBIS Software, a 70-year old borrower with an expected interest rate of 5.06% or less will receive $10,750 more on a $250,000 home compared to the previous principal limit factors.

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1 comment:

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