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I am now convinced that for many, it is better to take a Reverse Mortgage now than wait until later
The math is simple, if your home is in a high-cost area and it is worth more than $450,000, and you are thinking about taking a HECM (an FHA insured Reverse Mortgage), you will pay more in closing costs after the new law goes into effect. Unless, you are looking for more cash than the current HECM can get you, you should not wait.
The new law is capping the origination fee at $6,000, BUT the limits are going as high as $625,000 in some areas. SO, even though you will save about $1,200 in origination, the 2% fee to HUD is based on the appraised value or the HUD limit in the area, the current limits are at $362,790, making the maximum fee to HUD $7,255. If your home is worth $500,000, yor fee to HUD will be $10,000, so you end up paying more in closing costs under the new law. On the other hand, you will be getting more money than you would have before.
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