Margins have been on the increase for the last month on reverse mortgage and this is probably why the broker is doing this. This is one of the reasons we strive for quick closing (2 weeks) so that we don't lose a lock. You could have been locked with the broker and it could have expired or they could have just been slow about it and when rates went up they were caught being lazy. Not sure.If you talk with your broker, and let him know you are going to cancel, he may consider not raising the origination fee. Feel free to contact me at anthony@whyhecm.com and I would be glad to answer any additional questions for you.
