Reverse Mortgage Rates – October 6, 2009

October 6th, 2009 | by John Yedinak Published in News, Rates, Reverse Mortgage | 3 Comments

The average reverse mortgage borrower will see their Initial Benefits increase by $5,500 today. The twenty basis point fall in the 10-year swap rate, moved the principal limit factors up two notches.

The rates as of 10/6/09 are:

Reverse Mortgage Rate Updates are brought to you by Jerry Wagner & Ibis Reverse Mortgage Software – The Industry Standard Since 1995. This is not just a slogan — six of the top 10 reverse mortgage originators plus NRMLA and the AARP use Ibis Software for their websites, retail and wholesale businesses.

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dduck12

What happened to the 10% reduction?

Thanks
The_Cynic

dduck12,

I agree.

On September 29th, I asked about the same issue. My comment was:

“Until Thursday, seniors can still get the old principal limits as long as the lender can obtain a FHA Case Number before Thursday. On Thursday, the “10%” principal limit goes into effect. How is it that principal limits will go up next Tuesday?

This announcement makes no sense.”

My comment was probably a little too critical (sorry The Critic).

admin is right as to principal limits available to HECM borrowers who have a FHA Case Number received after September 30, 2009.
The_Cynic

admin,

It seems you continually use the word “Benefits” to describe principal limits. For the sake of those who are put off by the word “Benefits” when it comes to describing loan proceeds, can I recommend the term “Principal Limits” replace “Benefits”? Just a suggestion….

Reverse Mortgage Rates – October 6, 2009

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