Last Updated: September 3, 2010 ET

FHA to Reduce Upfront Costs on Reverse Mortgages

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CHICAGO-According to the National Reverse Mortgage Lenders Association, the Federal Housing Administration (FHA) is planning to reduce the upfront mortgage insurance premium for borrowers of reverse mortgages. The FHA may split home equity conversion mortgages (HECM) into two separate products namely a saver loan and a standard loan. The FHA also plans to reduce the amount that senior citizens can borrow by mortgaging their homes on an HECM.For the full story, go to Chicago Tribune.

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