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lending limits: FHA/HECM Reverse Mortgage Loan Limit still at $625,500 - 03/15/09 01:13 PM
It wasn't too long ago that the lending limit on the reverse mortgage (HECM) was increased to one national limit of $417,000 instead of lower limits that varied by county. The increase was part of HR3221, the FHA Modernization Act, passed in July, 2008. It wasn't until November, 2008, that HUD allowed implementation of the new limit. The increase allowed seniors (over 62) with home values above the old county lending limit to access more of their equity.The limit was raised again to $625,500 which allowed access to even more equity on higher valued homes. 
I find this ironic in a … (0 comments)

lending limits: 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)

 
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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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