NEW LOAN LIMITS

IT IS OFFICIAL!! HUD is preparing and has announced that the new maximum mortgage limit for reverse mortgages will be raised to $417,000 nationwide. This new figure will go into effect as soon as HUD publishes the new Mortgagee Letter, coming sometime hopefully around November 1. Previous HECM reverse mortgages were limited by the maximum mortgage limit for the county the house was located in which varied by county throughout the nation. This new nationwide limit will raise the maximum amount seniors will be able to receive in most parts of the country. We will advise you as soon as we know of the actual date for activation.