A fee paid to the FHA. There is an upfront MIP (typically 2% of the home value) and an annual MIP (0.5%). This insurance is what makes the loan “non-recourse” and protects your heirs.
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At Florida’s Best Reverse Mortgage Company, we specialize exclusively in Home Equity Conversion Mortgage (HECM) and proprietary reverse mortgage solutions. Unlike a general mortgage broker, we are dedicated 100% to the reverse mortgage niche.
