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 basically selling it to the FHA, and take some of the money to buy a smaller home, perhaps even a Mission Valley condominium, and put the rest in various savings vehicles or pay off other debts.
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If you're looking for a great condominium in Mission Valley,
the heart and soul of San Diego, please give me a call.
I'm available 24/7, so feel free to contact me by phone or email.
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Jim Frimmer, Realtor
Century 21 Award Mission Valley
California DRE License #01458572
619-729-5701
jimfrimmer@century21award.com
Mission Valley Condos Information
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Hi Jim - I am closing escrow tomorrow on my first deal with a purchase reverse mortgage. It went very smoothly, with the only issue being the escrow on the house she was selling in another part of the state (I wasn't involved in that deal, but its closing was a contingency to closing ours). That regular loan for her buyers had all kinds of troubles, but the reverse on her purchase here had not a single bump in the road. I think the trick is to make sure you go through a reputable and experienced lender - experienced in reverse mortgages.