[More seniors are taking loans against their homes — and it’s costing them]Home prices and interest rates, among other things, have made the reverse-mortgage program volatile, HUD officials said. A key change to the program will be how much insurance senior borrowers will need to pay to HUD to obtain loans. They will be required to pay a standard 2 percent upfront insurance fee based on the value of their homes or HUD loan limits. HUD officials said the changes aren’t intended to offset losses from earlier loans, but instead to help improve the insurance fund. A 2016 HUD actuarial report shows that the reverse-mortgage program could balloon to negative$12.5 billion in 2023.

Source: Washington Post August 29, 2017 21:19 UTC