Below is a copy of a post directly from the IRS website. Basically what it says is- if you purchased a home in 2009, before December 1st, you can actually claim your tax break on your 2008 tax returns. How great is that? This is great news and will actually put money in your pocket [...]
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 [...]
