With the recent reform in reverse mortgages - now providing a lower loan offer and an upfront insurance premium - an upsurge of loan applications has loan officers scrambling to keep up.
The effects taking place this October include:
the upfront insurance premium rising to 2%,
the the maximum loan amount will be lowered,
and the interest rate premium will drop to 0.5%.
What does this mean for loan companies? A stampede of potential borrowers are calling lender to try and get approved for a reverse mortgage with the current rules before the change in October.
The experts at Mortgage Advisor are determined to help you find your perfect mortgage match. Call Mortgage Advisor today to see what your reverse loan options are!