FHA Modernization language included in Bill HR 3221
A major housing bill HR 3221 passed yesterday. The president has threatenened to veto it.
How does this affect seniors?
The reverse mortgage association NRMLA has been working on this legislation to help older homeowners for years! We need higher loan limits to help seniors.
FHA Modernization HR 3221 language includes:
- co-ops eligible for HECM reverse mortgages
- permanently eliminating the volume cap on how many FHA reverse mortgages my be insured by HUD
- allowing HECM reverse mortgages to be used for home purchases -allowing a reverse mortgage to be used for down sizing. A senior will be able to use this mortgage for purchase, thus freeing up more cash for daily living and quality of life.
- Raise the loan limits to free up more equity for seniors in higher median home value areas.
If you have a question on reverse mortgages, please call Angella 866-949-7030 or log onto www.reverse-your-mortgage.com
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