MIP or Mortgage Insurance Premium

Reverse Mortgage Blog

What is MIP?

June 4, 2019

The reverse loan has a reputation for being an expensive choice for a senior to gain access to their equity compared to utilizing traditional financing. And that is certainly an option, if they can comfortably afford to make mortgage payments. But a reverse loan dos not have that as a requirement. So why are they so expensive? https://www.reverseloanconsultant.com/

Lorraine Jones

This material is not provided by, nor was it approved by the Department of Housing & Urban Development (HUD) or by the Federal Housing Administration (FHA). It is not intended to be a substitute for legal, tax or financial advice. Consult with a qualified attorney, accountant or financial advisor for additional legal or tax advice.

*There are some circumstances that will cause the loan to mature and the balance to become due and payable. The borrower(s) must continue to pay for property taxes and insurance and maintain the property to meet HUD standards or risk default. Credit is subject to age, minimum income guidelines, credit history, and property qualifications. Program rates, fees, terms and conditions are not available in all states and subject to change.

Lorraine Jones

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What is MIP?

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