FHA To Maintain Current HECM Limit
August 19, 2011
Good news for now! The U.S. Department of Housing and Urban Development just published Mortgagee Letter 2011-29, which maintains the current HECM loan limit of $625,500 through December 31, 2011! That means that borrowers who are planning on doing a HECM Reverse Mortgage in 2011 and have a home with a higher value will be able to use the full value (up to the $625,500). Towards the end of this year we should expect to see what 2012 has in store for us!
The $625,500 limit applies to all HECMs made in the continental United States, as well as high-cost areas, such as Hawaii, Alaska, Guam and the U.S. Virgin Islands.
To see the full Mortgage Letter Click HERE.
For more information about Reverse Mortgage please feel free to call or email one of our Reverse Mortgage Specialists Tracy Kline, Dennis Harter or Francie Forchini or check us out online!
