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What is the Mortgage Insurance Premium (MIP)?

April 26, 2017MIP mortgage insurance Premium

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What is the Mortgage Insurance Premium (MIP)?

1 Answer

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The U.S. Dept. of HUD insures reverse mortgages and for that they charge a fee at closing. For this fee, they insure that you will always get your funds for the life of the loan, and that you will never have to pay back more than the value of your home at the end of the loan.