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HUD just announced that the current reverse mortgage loan limit for the HUD Home Equity Conversion Mortgage (HECM) will be raised from $726,525 to $765,600 effective January 1, 2020. The HUD Mortgagee Letter announcing the increase, can be found on the HUD website here: https://www.hud.gov/sites/dfiles/OCHCO/documents/19-20hsgml.pdf . After the limits remained unchanged for many years, this is the 4th year in... Read Full Article
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The U.S. Department of Housing and Urban Development has made several changes to the Home Equity Conversion Mortgage (HECM) program to strengthen the FHA Mutual Mortgage Insurance Fund (MMIF or Fund) and protect the viability of the reverse mortgage program. The changes affect the following requirements: Initial disbursement limits New Single Disbursement Lump Sum payment option Initial mortgage insurance premiums... Read Full Article
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My father recently passed away and left his duplex to my brother and I, It is paid for and all taxes are current. I have lived in one side for over 25 years and my brother lives 100 miles away. I would love to keep this place and have my daughter move in next door with a reduced rent. I... Read Full Article
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BREAKING: 2020 Reverse Mortgage Limits Officially $765,600 HUD released their announcement verifying the news we released on November 28, 2018 raising the Mortgage Lending Limits for HECM Loans. The numbers came in exactly where we expected and so the article, we posted on November 28, 2018 is now official. But remember, the new limits are only effective with Case... Read Full Article
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Another year has come and gone… Where is the time going? It sounded strange to say 2017 all year and now 2018 is upon us. This year, the reverse mortgage industry experienced many changes. 2017 HUD Surprised Industry with Massive Changes In September, HUD sent the entire industry into a tailspin by announcing changes that were to take effect... Read Full Article
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Breaking: HUD Increases 2020 Reverse Mortgage Limits to $765,600 Higher Reverse Mortgage Limits Coming January 1st 2018 Starting in 2018, lending limits for government-insured reverse mortgages will increase, allowing borrowers the opportunity to access more of their home equity than ever before. The vast majority of reverse mortgages are federally-insured Home Equity Conversion Mortgages (HECMs) that are backed by... Read Full Article
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Higher Reverse Mortgage Limits Coming in 2017 Starting in 2017, lending limits for government-backed reverse mortgages will increase, allowing borrowers the opportunity to access more of their home equity than ever before. The vast majority of reverse mortgages are federally-insured Home Equity Conversion Mortgages (HECMs) that are backed by the Federal Housing Administration. These loans allow homeowners age... Read Full Article
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FHA Increases HECM Loan Limit The maximum claim amount for FHA-insured Home Equity Conversion Mortgage (Reverse Mortgage) will increase from its current $625,500 limit to $636,150 in 2017, according to Mortgagee Letter 2016-19 published today by the Department of Housing and Urban Development. This new MCA – which is equal to 150 percent of the Freddie Mac national conforming limit... Read Full Article
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If you’re in the process of applying for a reverse mortgage, or if you have been considering tapping into your home equity with a government insured Home Equity Conversion Mortgage (HECM) loan, a recent change may mean you can qualify for more loan proceeds. HUD surprised everyone with a Mortgagee Letter of the changes at the very end of June and... Read Full Article
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Loan limits for government-insured reverse mortgages have kept stable at a maximum claim amount of $625,500 for 2014. For borrowers in high-valued homes, this means you will retain your ability to access your home’s equity as a new reverse mortgage borrower. Next year’s limits for the Federal Housing Administration-insured Home Equity Conversion Mortgage (HECM) program remain unchanged from 2013.... Read Full Article