The average reverse mortgage borrower will see their Initial Benefits increase by $2,750.
The rates as of 12/1/09 are:
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Under the new RESPA requirements, it appears it will be impossible for a broker to keep the YSP on a reverse mortgage. It may have to be credited to the borrower. This potentially places the broker at an unfair disadvantage as compared with the direct lender who may benefit from the very same income as “gain on sale” of the loan.
This was addressed at the NRMLA Convention by Meg Burns. It seems as if this will not be the problem some have made it out to be. It is available on the NRMLA website.
Admin,
Just a suggestion — rather than referring to adjustments in the principal limit as “benefits”, it would be more appropriate to refer to them as increases or decreases in the principal limit.