HECM Reverse Mortgage Lending Limits to Remain at $625,500 says FHA Commissioner

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Mortgage Banker with The Federal Savings Bank, Reverse Mortgages NMLS#279499 / 411500

At the National Reverse Mortgage Lender’s Association annual meeting, The FHA Acting Commissioner, Carol Galante told reverse mortgage lenders that HUD plans to keep the lending limits or maximum claim amount at the current $625,500 level.  This is great news for potential HECM reverse mortgage borrowers with high value homes and those who wish to purchase high value homes using a reverse mortgage.

 

The current lending limit was raised as part of the stimulus package in 2009 and recently extended through December 31st, 2011.  We are still waiting for HUD to issue a mortgagee letter making this new extension official.  I’ll keep you posted.

 

 

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Rainmaker
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Maggie O'Connell

HECM and Jumbo Reverse Mortgage Rep, Nationwide
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Additional Information

In this blog, I go into detail on reverse mortgage information, through questions seniors and their families ask, industry news and current events, new programs; rate options, client stories and experiences and more. From my 20 years experience as a reverse mortgage specialist, I can help guide and educate you and answer the question, is a reverse mortgage right for you and if so, what is the best option with lowest costs, interest rates and payment plan. I am easily accessible and will be happy to talk with you. Maggie O'Connell direct line 800-489-0986 The Federal Savings Bank maggie@rmstore.net www.ReverseMortgageStore.com NMLS #279499 Equal Housing Opportunity/ 411500