Archive for October 6th, 2008
Oct
06
FHA Reverse Mortgage Limit Raised
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Homeowners 62 years or older may have received a new bonus with HUD increasing the maximum loans limits for the FHA home equity conversion mortgages to $417,000. Reverse home mortgage loans helps seniors convert their equity into monthly paychecks. The new mortgage limit will likely not go into effect until after November 1st. Many people fought for higher limits because of the high cost areas for many parts of the country. The feedback from our senior borrowers has been very positive in states, like California, Florida and Virginia where the cost of living is higher and home sales have been much greater than prior FHA loan limits.
