mortgage financing and programs

Loan Limit Increase for Reverse Mortgages

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The U.S. Department of Housing and Urban Development (HUD) adopted a new single national loan limit of $417,000 for Reverse Mortgages. For most areas of the country this is a siginificant increase. The previous lending limits were assigned by county and ranged from $200,160 in rural areas to $362,790 in the highest home value areas. HUD also reduced lender origination fees on Reverse Mortgages. These changes provide senior homeowners more financial flexibility.

If you are considering a Reverse Mortgage, this increased loan limit and reduction in origination fees could now result in you receiving more cash, depending upon your home’s appraised value. Visit our sister site for more details.

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