Lower Fees for Reverse Mortgages, But Still Expensive Says NY Times

201004200903.jpg New York Times contributor Tara Siegel Bernard wrote over the weekend that if you’ve been thinking about getting a reverse mortgage, it’s worth taking a closer look now because several lenders have cut prices in recent weeks.

Driven by an increase in demand for Ginnie Mae HMBS from Wall Street, lenders like Bank of America, Wells Fargo, MetLife Bank and Financial Freedom have all waived their origination fees and other charges on certain reverse mortgages they sell as part of the Federal Housing Administration’s Home Equity Conversion program says the Times.

Why is the demand so high? The fact the loans are backed by the Federal Housing Administration and because they also tend to be more predictable for a longer period of time says the Times.

Reverse Mortgages Still Costly, but Less So

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