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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.

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3 Comments

1

Homeowners seeking loan modifications

This is a great site with interesting perspectives on foreclosures and the measures to end the financial crisis…I’ll be checking back later…

2

low refinancing rates
Great article. If the Fed drops the rates again, maybe people will refinance into payments they can afford!

3

home equity loans…

Just a few years ago if you had good credit scores, a homeowners get get cash out with a second mortgage up to 125% of the property value. Now high fico borrowers who can provide full income documentation are lucky to get approved for a 90% equity loan. Are you able to offer 100% financing for home equity lines of fixed 2nd mortgages. Please let me know, we are looking to expand our lender resources. thanks!

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