Bob Davis, writing in the Ventura (CA) County Star ,has this to say about the new FHA loan limits which will be effective around the first of November:
"FHA Commissioner Brian Montgomery announced today that the new HECM, Home Equity Conversion Mortgage, nationwide loan limit will be $417,000. The target effective date is November 1. This is a target date right now, not a set deadline...
...A majority of counties nationwide have lending limits at the
existing loan limit of $200,162 which has drastically reduced the
amount of equity that seniors living in higher-valued homes could
access.
These new limits will have a significant impact on the quality of life and provide more relief to those seniors who need the help especially in today's turbulent economic environment.
These are all positive developments for the reverse mortgage industry and the older Americans served.
These new limits will have a significant impact on the quality of life and provide more relief to those seniors who need the help especially in today's turbulent economic environment.
These are all positive developments for the reverse mortgage industry and the older Americans served.
While all of us are awaiting the new, higher limits Bob has it right. They won't be available until official notification is received.
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