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fha: More Questions about the new HECM Limits - 08/07/08 12:17 PM
I got an email asking me about the HECM limits and I thought my response might be helpful to some of you:
Sylvia - Do you have any idea when the national loan max is going to be applied to Reverses? Also, do you have any info on the applicable percentage that will be applied against this amount based on the customers' ages? Clearly, we can't use the calculator for this so I was hoping you had that info or a way to get it. I have two clients now looking at the reverse product and I cannot tell what they … (2 comments)

fha: Reverse Mortgages and FHA County Lending Limits - 03/27/08 11:39 AM
There is some confusion regarding the status of the county lending limit increases for HECMs (Home Equity Conversion Mortgages), also know as reverse mortgages.
The recent FHA temporary loan limit increases are NOT applicable to HECM's.  The Economic Stimulus bill only created temporary higher limits through the end of this year for "forward" mortgages, not reverse mortgages.  The Economic Stimulus package specifically excluded HECM from all of its provisions
The House of Representatives passed its version of the FHA Modernization bill in July 2007 and the Senate passed its version in December. The two versions differ in a few areas (other than HECM … (8 comments)

 
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Sylvia Williams, Ed.D

Elk Grove, CA

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Reverse Mortgage Consultant

Address: Elk Grove, CA, 95624

Office Phone: (866) 523-1959

Cell Phone: (916) 719-4683

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Information, Insight, and Education on the reverse mortgage program. Be sure to subscribe so you can catch posts! Moving Forward in Reverse with Sylvia Williams



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