Many more senior citizens became eligible to take advantage of the government’s reverse mortgage program this week as the loan limit was raised to $625,500 for the rest of 2009, from the former limit of $417,000. The temporary increase in the HUD Reverse Mortgage program is included in the Stimulus Bill, signed by President Barack Obama, according to the National Reverse Mortgage Lenders Association (NRMLA).
The NRMLA says the limit will be raised on a temporary basis to 150% of the Freddie Mac Limit for the remainder of 2009, which would put it at $625,500.
HUD normally has different limits for different areas of the country, except in the case of the Home Equity Conversion Mortgage.
The following may describe seniors who will be interested in the new higher limits:
● If you have been waiting because your benefit amount would not pay off enough of your existing debt;
● if you had already received a reverse mortgage but were limited in the amount of funds you could receive even though your property was worth considerably more than the current HUD limit; or
● if you find that with the current economic circumstances you must do something to protect your way of life.
For more information on the new limits visit www.reversemortgage.org or www.seniorslivebetter.com
valerievanbooven
