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Monthly Archives: February 2009
New Loan Limit… It’s here!
Under ARRA, the national FHA loan limit for HECM will increase from $417,000 to $625,500 (from 100 percent to 150 percent of the conforming limit). HECM loan mortgagors do not undergo the same procedures for credit approval as do mortgagors … Continue reading
HECM Increase in Stimulus Package Signed by the President
An increase to the Home Equity Conversion Mortgage limit was signed by President Barack Obama in Denver today as part of the $787 billion American Recovery and Reinvestment Act. The provision raises the Federal Housing Administration’s insured reverse mortgage loan … Continue reading
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Minnesota Attorney General Pushes Reverse Mortgage Legislation
Minnesota’s legislators and attorney general, concerned about disreputable mortgage brokers and lenders taking advantage of seniors, have introduced a bill that would allow borrowers to rescind a reverse mortgage for up to 30 days. The legislation, introduced in both the … Continue reading
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WSFS Financial Writes Down Reverse Mortgage Investments
WSFS Financial Corp. wrote down $2.4 million in the fourth quarter related to reverse mortgage investments. Meanwhile, 1st Reverse Financial Services, a reverse mortgage lending company the corporation bought last year, has adjusted its business model as it posted almost $1.6 … Continue reading
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