lending limints: Here we go again! HECM (reverse mortgage) limits will probably increase to $625,500!
- 02/15/09 05:47 AM
It wasn't too long ago that the lending limit on the reverse mortgage (HECM) was increased to one national limit of $417,000 instead of lower limits that varied by county. The increase was part of HR3221, the FHA Modernization Act, passed in July, 2008. It wasn't until November, 2008, that HUD allowed implementation of the new limit. The increase allowed seniors (over 62) with home values above the old county lending limit to access more of their equity. Raising the limit even higher, to $625,500 will allow access to even more equity on higher valued homes. Since the Jumbo reverse mortgage … (0 comments)
It wasn't too long ago that the lending limit on the reverse mortgage (HECM) was increased to one national limit of $417,000 instead of lower limits that varied by county. The increase was part of HR3221, the FHA Modernization Act, passed in July, 2008. It wasn't until November, 2008, that HUD allowed implementation of the new limit. 
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