At the Mortgage Bankers Conference in Miami, Brian Montgomery announced that the new HECM loan limit is $417,000.
On October 2nd, HUD announced that the loan limits will increase to $417,000 with a target date of November 1st. A mortgagee letter will explain other details regarding bill HR 3221, Housing and Rescue Act of 2008 signed into law on July, 30th. While it's good to know the date of the lending limit increase and the amount, we're still left in the dark on details of the bill such as HECM for purchase, co-ops, new standards for manufactured homes and lower origination fees until the mortgagee letter is issued. We expect the letter to come out near November 1st. Reverse Mortgages are all we do - we know and understand the changing marketplace and will keep you updated on changes. We provide accurate answers to all of your questions and are fully committed to helping our clients live the life they CAN afford.
