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| FHA again Reduces Mortgage Insurance Premiums, Lowering Costs for 1 Million Households |
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Annual mortgage insurance premiums for Federal Housing Administration (FHA)-backed mortgages are lowering toward their pre-bust level, with FHA announcing on Monday another reduction, this time to 0.60 percent for most borrowers. The one-quarter point reduction is expected to save FHA-insured borrowers with a closing date on or after Jan. 27, 2017 an average $500 this year. "After four straight years of growth and with sufficient reserves on hand to meet future claimes, it's time for FHA to pass along some modest savings to working families," said U.S. Department of Housing and Urban Development (HUD) Secretary Julián Castro in a statement. ...
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(TNS)—Federal Housing Administration-backed home equity conversion mortgages, or HECMs, are accessible to homeowners 62 and older. These reverse mortgage loans allow older Americans to tap into a portion of their equity to help supplement retirement income.
