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In a reverse mortgage, can the PMI be paid cash without adding it to the loan balance? |
In a reverse mortgage, can the PMI be paid cash without adding it to the loan balance? If you're talking about the initial 2% of the home value typically it is paid out of the loan in the closing costs. You usually don't have to come to the table with any money when you close a reverse mortgage. What you CAN do is even though there are no monthly mortgage payments to make you can send in a payment every month or whenever you choose to pay down whatever balance you would like. At a certain point the money you pay back is even tax deductible. If you have any more questions please feel free to contact me. Thanks, Brandon Burns bburns@griffinloans.com Source(s): Loan officer specializing in reverse mortgages with Griffin Financial Mortgage. We are the largest orginator of reverse mortgages in the southwest. You don't pay PMI with a reverse mortgage since you own the house. |
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