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san francisco: HECM Lending Limits to Remain at $625,500 Through 2012 - 12/02/11 03:55 PM
We received great news from HUD that the HECM Lending Limits will remain at the high level of $625,500 through 2012.  This means that seniors with high value homes can receive a percentage of their home value, up to $625,500.  If the home appraises for more than that amount, we will use $625,500 as the home value and provide reverse mortgage funds based on the age of the youngest homeowner.  The minimum age for a reverse mortgage is 62 years old and the older you are, the higher principal limit or amount of funds is available.  There are no payments required … (0 comments)

san francisco: Reverse Mortgage Lending Limits Set To Sunset on Dec. 31st 2011 - 08/12/11 07:25 PM
 
 
 
The FHA maximum claim amount for HECM Reverse Mortgages has been $625,500 since President Obama increased it in the stimulus package in 2008.  It is schedule to go back to $417,000 on December 31st 2011 unless Congress votes to extend it.  In the San Francisco Bay Area, this means many older homeowners will not qualify for a reverse mortgage as their existing mortgage to be paid off will be higher than the reverse mortgage will allow.  For example,  72 year old homeowner with a home valued at $600,000 would now get $392,000 or pay off a mortgage up … (2 comments)

 
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Maggie O'Connell

Livermore, CA

More about me…

American Pacific Mortgage - Reverse Mortgages

Address: 1548 Catalina Ct. Livermore, CA 94550, Livermore, CA, 94550

Office Phone: (800) 489-0986

Cell Phone: (800) 684-9438

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In this blog, I go into detail on reverse mortgage information through questions seniors and their families ask, industry news and current events, new program & rate options, client stories and experiences and more. From my 20 years experience as a reverse mortgage specialist, I can help guide and educate you and answer the question, is a reverse mortgage right for you and if so, what is the best option with lowest costs, interest rates and payment plan. I am easily accessible and will be happy to talk with you. Maggie O'Connell direct line 800-684-9438. American Pacific Mortgage maggie@rmstore.net www.RMStore.net Cal DRE# 01151456 #01215943 NV #45747 #164 NMLS #279499 #396955 #330948 #1850 Licensed by the Department of Corporations under the California Residential Mortgage Lending Act. Equal Housing Opportunity


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