It's Official- Reverse Mortgage Limit Raised to $625K-Mortgagee Letter 2009-07 Raises Limits to $625,500
From NRMLA this morning: (For those of you not in the Reverse Mortgage industry, this is good news for seniors who live in areas where the home values are REALLY high. For those of you marketing to the affluent- this is important info for you!)
Mortgagee Letter 2009-07 Raises Limits to $625,500
The U.S. Department of Housing and Urban Development published Mortgagee Letter 2009-07, which officially raises the national limit for Home Equity Conversion Mortgages from $417,000 to $625,500 for the balance of 2009.
The new limit took effect on the date of publication, February 24, 2009.
According to the Mortgagee Letter, HUD will allow any loan with a case number assigned prior to the publication of ML 2009-07 to close at either $417,000 or $625,500 until April 30.
Loan limits for the special exception areas of Alaska, Hawaii, Guam and the Virgin Islands have a potential higher ceiling in 2009 of $1,094,625 (1-unit), $1,401,300 (2-unit) $1,693,875 (3-unit); and $2,105,100 (4-unit). At the present time, no counties in these areas qualify for limits above the national ceiling of $729,750.
If you have any questions, please email me at dhicks@dworbell.com.
Darryl Hicks, Vice President
Communications
