In a recent post, the folks over at Residential Finance Corporation announced coming higher limits for reverse mortgages. These limits will be effective through the remainder of 2009, and will become effective when announced in a Mortgage letter by FHA.
"Reverse Mortgages – Loan limits on Home Equity Conversion
Mortgage (HECM) – or “reverse mortgage” loans will rise to $625,500
until the end of 2009. Current limits, which mirror conforming loan
limits, will be raised to open up reverse mortgage options for many
seniors who may want to rely on home equity as a stable source of income."
If you own a higher valued home and have considered a reverse mortgage in the past, you might want to stay tuned.
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It's hard to stay on top of the rapidly changing world of reverse mortgages unless they're the only thing you do. I'm always available to answer your reverse mortgage questions. Toll Free: 877-308-1489.
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