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Bill Would Lower Reverse Mortgage Principal Limits
A House of Representatives appropriations bill would require the Department of Housing and Urban Development to reduce the amount of home equity a borrower could receive through a reverse mortgage to ensure that the government program operates without a subsidy. However, the bill also appears to extend the $625,500 maximum lending limit through fiscal year [...]
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 for forward mortgages. FHA does not deem the credit approval process to be complete until [...]
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