More good news!

The mortgagee letter arrived today announcing the anticipated national reverse mortgage limit increase from $417,000 to $625,500 effective immediately. Any HECM loans insured February 24th, 2009 or after will be based on this limit. Attached is the mortgagee letter for your review.

Good news folks:
The Economic Stimulus Bill, President Obama’s plan, named the American Recovery and Reinvestment Act he recently signed into law temporarily raises the national loan limit on HECM reverse mortgages to $625,000!
This is very important for several reasons:

First, for homeowners who have properties with higher values, especially those with existing mortgage balances that exceeded currently [...]