Refinance Fee Update

Mortgage giants Fannie Mae and Freddie Mac just announced in August that they are raising fees for lenders on all mortgage-refinances. This change is designed to shield them from the additional risk brought on by the coronavirus pandemic and the secondary mortgage market. Their price adjustment adds 0.5% of the loan amount to the consumer’s cost.

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What is a Reverse Mortgage?

There are two types of reverse mortgages – • There is a Home Equity Conversion Mortgage (HECM), which in its simplest definition is a loan that is government-insured by HUD and is regulated by the U.S. Federal Housing Authority (FHA), and • A Proprietary Reverse Mortgage, which is a reverse mortgage originated by a mortgage…

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