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Friday, December 14, 2018

FHA raises reverse mortgage loan limits for the third year in a row

FHA raises reverse mortgage loan limits: The Federal Housing Administration has increased the maximum claim amount for reverse mortgages for the third consecutive year, announcing Friday that it will raise HECM claim amounts to $726,525 in 2019.

What does this mean for the HECM?  MORE HECM loans will be made in 2019 because of the increase!  Proprietary Reverse Mortgages, which target borrowers with higher value homes will now be able to consider the HECM loan!

I did a quick analysis of what this does for a 73 year old and they could receive $20,000 MORE equity from their HECM loans when compared to last years claim limit of $675,650.

If you are 62 years or older and want to explore "Equity Options", give me a call!