Effective Oct. 1, the proceeds on Federal Housing Administration (FHA)-insured reverse mortgages will be reduced by 10% — a swift policy change that has spurred lenders to beat the deadline so their clients can borrow more.

If lenders can get a FHA case number by Sept. 30, they can save their clients $10,000 to $20,000. The average FHA-insured home equity conversion mortgage amount is $159,000.

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