New reverse mortgage counseling guidlines go into effect
new guidelines for FHA reverse mortgage counseling
Tag: HECM
Reverse mortgages can be used to purchase a property?
Reverse mortgages have traditionally been used by people 62 and over to access cash from the equity they may have in their primary residence. A reverse mortgage for purchase usually works best when a senior is looking to downsize. When using a reverse mortgage for purchase, a substantial down payment is required. No monthly mortgage…
Reverse Mortgage Lending Limits
The current lending limit for a reverse mortgage is the lower of $625,500 or the appraised value. This is part of the stimulus package which has been approved through December 31, 2009. There has been some talk as to what the lending limit will be for next year, however no guidelines have been set. For more…