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!
Top three: All time most viewed
Even with my 20 years in the mortgage business, I double check all guidelines because they are continually changing. I had a call from som...
FHA loans in 1991: When I became a mortgage loan originator in 1991, I couldn't believe that there was a loan product which allowed all...
Know How To Recognize A Good Mortgage Rate Mortgage lenders are often asked if there is a best time of day, day of the week, or period of...