Over at the Reverse Mortgage Guide, Peter Miller points out a part of the Housing Rescue Bill that has been largely overlooked: a limit increase and fee reduction on reverse mortgages. Miller points out the changes:

Reverse mortgage borrowers will benefit from a higher loan cap ($625,000)and also by a reduction in allowable lender fees from roughly 2 percent to 1.5 percent. HUD insurance charges remain unchanged.

With so many issues being addressed in this legislation, it certainly is easy for important changes to be overlooked by the general public. Hopefully, this bill hasn’t tackled too many issues…

Thanks to Peter for pointing this out!

This entry was posted on Friday, July 25th, 2008 at 11:38 am and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.