lending limits: President Obama's Chance to Help Seniors
- 01/24/09 09:58 AM
According to the National Reverse Mortgage Lenders Association (NRMLA) there is a new Bill containing a provision to raise the HECM (Reverse Mortgage) limit through the end of 2009 to $625,500 which has been introduced in the House of Representatives. The current nationwide limit is $417,000 with the exception of a few high price/value areas. This would give millions more access to the program due to a current lack of jumbo reverse mortgage in the marketplace which is due to the current credit crisis. The lending limit is the limit of value that would be considered in the reverse mortgage equation … (0 comments)
lending limits: President Supports New FHA Lending Limits for Reverse Mortgages
- 07/23/08 06:27 AM
Washington- The White House said Wednesday that the President is expected to sign the new Housing Bill which includes laguage about new FHA Lending Limits for Reverse Mortgages. The new lending limits are expected to be at least $417,000. The bill also has a provison that will lower the overall closing costs for borrowers by reducing the origination fees paid to lenders. The hefty, up-front, mortgage insurance premium charged by the FHA still applies, however. July, 23, 2008 … (1 comments)
According to the National Reverse Mortgage Lenders Association (NRMLA) there is a new Bill containing a provision to raise the HECM (Reverse Mortgage) limit through the end of 2009 to $625,500 which has been introduced in the House of Representatives. The current nationwide limit is $417,000 with the exception of a few high price/value areas. This would give millions more access to the program due to a current lack of jumbo reverse mortgage in the marketplace which is due to the current credit crisis. The lending limit is the limit of value that would be considered in the reverse mortgage equation … (0 comments)
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