Can I get a refund of my mortgage insurance on an FHA reverse mortgage?

The MIP may be refunded under certain circumstances.

1) The lender remitted too much money.

2) The mortgage was never endorsed, AND is not eligible for endorsement.

3) An appeal of late charges and/or interest was approved.

4) An erroneous closing date was entered and later corrected.

In the absence of at least one of these sets of circumstances, no portion of the initial MIP may be refunded, notwithstanding the fact that the loan may be paid off in a relatively short period of time.

Handbook 4235.1   7-13A

All policy information contained in this knowledge base article is based upon the referenced HUD policy document. Any lending or insuring decisions should adhere to the specific information contained in that underlying policy document.

Topic Number: KA-03695