Predatory lending with reverse mortgages?

The government insures reverse mortgages.

First, reverse mortgage lenders Tulare can impose an origination fee based on the home's worth up to $6,000 The 2% price you find most worrisome is HUD mortgage insurance, of which the lender gets none. Reverse mortgage insurance is paid to HUD to insure against borrower default. You may think that amount is outrageous, but in 2015, Congress almost shut down the program due to a $5 billion shortfall caused by property value shortfalls upon borrower's death and defaults and claims payments made to the Mortgage Insurance Premium (MIP) fund for things like taxes and insurance that borrowers failed to pay and HUD had to advance on their behalf.


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