By NRMLA

The continuing resolution (CR) that was passed by Congress yesterday and is now headed for the President’s signature extends the $625,500 national loan limit for HECM through calendar year 2010. Although the CR is a temporary measure providing funding thru 12/18/09 to allow a little more time for the appropriations bills to be completed, Congress was asked to act now to make sure that the marketplace is not disrupted by uncertainty about the continuation of the higher forward mortgage loan limits that were enacted in the President’s economic stimulus package back in February. (more…)