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I am not alone in my shock and disappointment

Most Reverse Mortgage Loan officers in high-cost areas like California and New York are as upset as I am over the new limits being raised from $362,790 to $417,000. If you live in a low-cost area where the limit was $200,160, you are now very happy that your limit doubled, but for us, this is a miniscule raise and what bothers me the most is that it tookt hem two months to come up with ONE NATIONAL limit of $417,000. Couldn't they have come up with that in a week? I was hoping for some complicated formula that was dependent on median home prices in a given area that went as high as $625,000. That would have helped out a lot more than what we now have.

Posted by Michael Pinter on 10/03/2008 09:12 AM

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2 Comments on I am not alone in my shock and disappointment

In a $200,000 area, the homes are cheaper making the $417k number fairly irrelivant. They should work by zip codes.

10/22/2008 10:12 AM

by Randall ~ @ ~ Access e Mortgage

Randall,

I agree completely. The higher cost areas should get higher limits. Thanks for the comment. Feel free to subscribe.

Michael Pinter

10/23/2008 02:25 PM

by First Meridian Mortgage/Trump Financial

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