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.
When we saw that this request by the Home Builders and Realtors to extend the stimulus mortgage limits was being addressed earlier this week–but HECM was not included–our legislative team swung into action and got HECM added in. We are pleased to report that Congressional appropriators were responsive to our effort.
FHA Officially Raises HECM Loan Limit
New Reverse Mortgage Loan Limit: $625,500
Final Version of Economic Stimulus Package Raises HECM Loan Limits to $625K
Stimulus Bill Compromise Includes Higher HECM Loan Limit