horst jungGuestOctober 19, 2021 at 1:40 pm
in your mortgage calculator the imp uses .5%
is it not usually 2 %
- AdministratorNovember 20, 2021 at 7:28 am
Hi Horst, thanks for checking in. There are two types of mortgage insurance on a HECM reverse mortgage. Yes, it’s 2% of the principal limit at closing (charged as a fee on the loan) and 0.5% of the loan balance accrues onto the loan balance (similarly to interest) over time on an annual basis. For more information about HECM mortgage insurance, check out the links here and here.
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