2024 HECM Cap Raised: The Federal Housing Administration has recently declared an increase in the highest lending limit for Home Equity Conversion Mortgages for the 2024 calendar year. The new limit is set at $1,149,825, up from the previous $1,089,300. This change will be effective for case numbers assigned from January 1, 2024, onwards. Further …
2023 HECM Reverse Mortgage Loan Limits
Reverse mortgage loan limits have reached an all-time high. Every year, HUD reviews house price data from FHFA to determine the baseline conforming loan limit to reflect the changes to the national average home price. From three, they extrapolate the loan limits. HUD generally follows suit and this year was not an exception. The result …
2019 HECM Reverse Mortgage Limits Announced
The 2019 reverse mortgage limit is officially $726,525. These limits apply to the Home Equity Conversion Mortgage or HECM (pronounced HECK-Um) That is good news for those older homeowners with high home values. The increase represents a 150 percent of Fannie Mae and Freddie Mac's national conforming loan limit of $484,350. That is a $46,875 …
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2018 Reverse Mortgage Limit Increased to $679,650
For all HECM reverse mortgage loans origination on or after January, 2018, the reverse mortgage limit or maximum claim amount (MCA) for has increased from the prior limit of $636,150 to the new limit of $679,650, according to Mortgagee Letter 2017-17. The Mortgagee Letter was published December 7, 2017 by the Department of Housing and Urban Development. …
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2017 Reverse Mortgage Limit Increased to $636,150
2017 HECM Loan Limits For 2017, the reverse mortgage limit or maximum claim amount (MCA) for FHA-insured Home Equity Conversion Mortgages (Reverse Mortgage) has increased from the prior limit of $625,500 to the new limit of $636,150, according to Mortgagee Letter 2016-19. The Mortgagee Letter was published December 2, 2016 by the Department of Housing and …
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Reverse Mortgage Policy Changes Increase Principal Limits and Protect Non-Borrowing Spouses
If you have been considering accessing the equity in your home with a Home Equity Conversion Mortgage (HECM) loan, now may be a great time to act. A recent policy change may mean that you can qualify for more loan proceeds. HUD recently released Mortgagee Letter 2014-12 which included new Principal Limits Factors (PLF) for non-borrowing spouses under …
HECM Loan Limit Increase Included in Stimulus Plan
We are pleased to announce that the draft of the economic recovery bill released by the House of Representatives late yesterday contains a provision, inserted in response to a request that came jointly from NRMLA and AARP, that would set the single national loan limit for HECM at a higher level than $417,000–for the balance …
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