Could There Be A Reverse Mortgage Benefit for Vets?
July 17th, 2007
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Does the VA need a reverse mortgage product?
Since May — when H.R. 2475 was introduced to create such a product — there has been little interest in moving forward with such legislation.
The issue is not that veterans are not deserving, but rather the fact that FHA already has such a product in place, one which is readily accessible to qualifying veterans as well as everyone else.
Therefore, one wonders, perhaps there’s an alternative approach that would recognize the service given by veterans without duplicating the FHA program.
And so, a modest suggestion: If we want to create another VA benefit, why not give vets an advantage. For instance, waive the up-front insurance fee on FHA reverse mortgages? Or, how about patriotic lenders chipping in and doing away with their origination fee? Or half their origination fee?
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