Mortgage Insurance Premium (MIP) | Reverse Mortgage Glossary
Mortgage Insurance Premium (MIP)
FHA insurance on HECM loans, charged upfront and annually, protecting borrower and lender.
Plain English
FHA insurance on HECM loans, charged upfront and annually, protecting borrower and lender.
Everyday analogy
Think of this as one piece of a loan puzzle. See our complete glossary or what is a reverse mortgage guide for context.
When this is NOT a good fit
Understanding terms does not mean a reverse mortgage is right for you. Review our eligibility and foreclosure guides before deciding.