New lending limit for reverse mortgage seniors provides much-needed relief
This past Thursday, FHA Commissioner Brian Montgomery announced that the new reverse mortgage (HECM) nationwide loan limit will be $417,000. The target effective date is November 1st. Previously, loan limits varied widely by county. This higher loan limit will help seniors with home values that are higher than the previous county lending limits allowing them access to more equity or allow those who did not qualify in the past to qualify today. With the higher lending limit more senior can escape foreclosure and higher mortgage payments.
Aramac Financial (800) 217-7781, will be accepting application for seniors with homes in California, Nevada, Arizona and Washinton which will allow borrowers to lock into today's starting interest rates while qualifying for the higher lending limit when their loan closes after November 1st.
