The next go around with the HUD County Loan Limits is reportedly going to see a decrease in many counties throughout the U.S. and this will effect the reverse mortgage principle limit. Your reverse mortgage is based upon your home value and your age but in some cases, it is also effected by the HUD limit for the county the home sits in. For instance, currently in Pierce County and King County WA, the HUD limits are $625,000. This means that even if you have a million dollar home, your reverse mortgage loan basis will be set based upon the county loan limit and then your age plugged into the calculation. A lowering of the county limits will lower the amount of your loan.
If you are considering a reverse mortgage, now is a great time to consider your options and have your benefit at current maximums instead of seeing that lower amount.
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