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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 remainder of 2009.
Great article from the Wednesday, February 4, 2009 Sacramento Bee. In the article Rashida Lilani recommends as a way to increase options, that seniors go through a broker when obtaining a reverse mortgage versus a bank. She also advises to “do your homework.” MLS Reverse Mortgage advises the same. A reverse mortgage is a major life changing decision that shouldn’t be taken lightly. (more…)
The economic stimulus bill signed into law yesterday (2/17/09) by President Obama will raise the single national loan limit for HECMs (Home Equity Conversion Mortgage) to 150% of the Freddie Mac loan limit. That would create a HECM limit of $625,500. Currently, this limit is only applicable for loans made during the balance of 2009. (more…)
NRMLA (reversemortgage.org)
NRMLA – reversemortgage.org
NRMLA is pleased to announce that we have learned that the compromise package emerging from the House-Senate conference committee includes the House language setting the HECM loan limit at 150% of the Freddie Mac limit, which would put it at $625,500 — for the balance of 2009 only. (Congress would have to act on it again before this year is out to extend it beyond ‘09.) (more…)
Mike Borba (President Borba Investments, Inc. dba MLS Reverse Mortgage)
Josh Borba, Senior Reverse Mortgage Advisor
Foreclosure filings were reported on 2.3 million U.S. properties in 2008, an increase of 81 percent from 2007 and up 225 percent from 2006, according to the RealtyTrac U.S. Foreclosure Market Report released January 15, 2009. The soaring number of forclosures have sent ripples through the housing and banking industry with the affects being felt by millions. (more…)
When you apply for a reverse mortgage, among all the pages of disclosures that you come across, you will find a disclosure called the TALC or Total Annual Loan Costs. Well, what is this form and why is it important?
Seniors today often live with a great deal of financial uncertainty. The retirement they imagined may not be consistent with the reality they face.