Archive for February 25th, 2009

FHA HECM Reverse mortgage limits increase with Stimulus package

February 25 2009No Commented

Categorized Under: FHA HECM Reverse mortgages

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 [...]