Mortgage Broker Coaching - there is a great deal of information coming from HUD in the past few days.
Good news for America's seniors looking for reverse mortgage loans. HUD has issued a national limit of $417,000 all across the country, up to $625,500 in "high cost" areas.
Here is the scoop from HUD:
Home Equity Conversion Mortgages
The Act also pegs the national mortgage limit for FHA-insured reverse mortgages to the national conforming loan limit. The FHA product known as the Home Equity Conversion Mortgage (HECM) will therefore have a national mortgage limit of $417,000. Unlike the new forward mortgage loan limits, the new HECM loans limits are effective on loans insured or after November 6, 2008. This is the first time that a single limit applies to these mortgages nationwide. As in previous years, the special exception areas of Alaska, Hawaii, Guam, and the Virgin Islands may have higher loan limits. Starting in January 2009 counties in those areas may have loan limits of 115 percent of area median prices, where that amount is above $417,000, up to a ceiling of $625,500.
