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- Should One Refinance Their Reverse Mortgage? | Minnesota Reverse Mortgages SIDAC
Beth,
Thank you for your blog. It is always very timely and informative.
Beth,
Thank you for yet another concise, clear overview of the fees associated with the Home Equity Conversion Mortgage (HECM) program. You mentioned it but I think it cannot be stated too often that federally chartered banks DO NOT reveal the YSP (yield spread premium) that they collect on these loans. Brokers, on the other hand, are required to show that amount paid to them by lenders. What else are the banks NOT telling borrowers?
Thanks Michael and Bob for your comments.
Bob, you make a great point about the federally chartered banks. This and other points, i.e. that they don’t have to comply with state laws, do need to be pointed out often.