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:
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What happened to the 10% reduction?
Thanks
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.
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….