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fha: FHA puts new limits on reverse mortgages - 10/08/09 04:55 PM
The Federal Housing Administration recently announced that an estimated $798 million budget deficit would limit the maximum amount of reverse mortgage loans that it would approve for its 2010 fiscal year. It notified all of its approved reverse mortgage lenders that the new limits would go into effect October 1.
The FHA projected 130,000 new reverse mortgage loans for 2010, but as with all projections where money is involved, that number probably doesn't take into account the people who now will not qualify for a reverse mortgage.
An easy solution here in San Diego is simply to sell your home outright, rather than … (5 comments)