Great news just in from HUD regarding the loan limits for Reverse Mortgages. HUD has announced that in the not too distant future, maybe by the end of this year, they will be raising the limit on all Reverse Mortgages guaranteed by HUD to $417,000. That means that in the high cost areas we will see an increase from $362,760. Lower cost areas will see an even greater increase because of the decision to have one flat limit in all 50 states.
This is great news for seniors who have been on the fence about a reverse mortgage. We are encouraging seniors who have been on the fence to begin the process now with their chosen lender so they can fund at the higher level when the new limit is instituted. Your lender should be able to give you a very accurate idea of how much you will qualify for with the increased limit using existing calculators. If your lender cannot, I can. Just drop me a line and I will be pleased to assist you.
Friday, October 3, 2008
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