Good news for seniors still affected by the economy
June 1st, 2010
June 1st, 2010
We're seeing a few signs of an improving economy, but many seniors are still struggling to stretch their dollars in an effort to make ends meet. To address this situation, the US Department of Housing and Urban Development has extended the loan limits for reverse mortgages through 2010 (initially, this was to expire at the end of 2009).
President Obama signed a bill, The American Recovery and Reinvestment Act (ARRA), in early 2009, which increased the Federal Housing Administration's (FHA) loan limit for the Home Equity Conversion Mortgage (HECM) from $417,000 to $625,500. The increase helped many seniors who live in higher valued homes to take advantage of the opportunity to receive more money from a FHA Reverse Mortgage than they would have been eligible for in the past.
If you are 62 or older, and think a reverse mortgage would be right for you, talk to a mortgage broker who you know and trust. We here at Grandview Lending will help you make the right choice.
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