The cost of mortgage insurance premiums on federally insured mortgages is going up in an effort to limit taxpayer exposure. But the change will impact few mortgages.
On home-equity conversion mortgages insured by the Federal Housing Administration, the initial mortgage insurance premium rate is being raised to 2.00 percent of the maximum claim amount.
Currently, the initial MIP is 0.50 percent on amounts of no more than 60 percent of the principal limit and 2.50 percent of amounts greater than 60 percent of the principal limit.
Source: Mortgage Daily
