Don't pay for unnecessary home mortgage insurance. If you put down less than 20% when you purchased your house, you were probably required to purchase mortgage insurance. This protects the lender if you can't pay off your loan, and the house has dropped in value.

You have a right to request that PMI be cancelled when the loan principal balance reaches 80% of the original value of the property.

PMI usually will only be cancelled if 1> You submit a written request for cancellation, 2> you have a good payment history, 3> you are current on the payments required by your loan.

Mortgage insurance is required for all Reverse Mortgages. It is computed on the maximum amount you will owe, not your current balance.

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