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New rules change costs associated with reverse mortgages

New rules change costs associated with reverse mortgages

HUD has been facing larger losses recently, so it has made the following changes: Previously, HUD charged an upfront insurance premium of 0.5 percent for borrowers who took less than 60 percent of the maximum loan amount, and 2.5 percent of for those who took more than 60 percent. It now takes 2 percent for all loans.

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