Final Version of Economic Stimulus Package Raises HECM Loan Limits to $625K

NRMLA (reversemortgage.org)
NRMLA is pleased to report that the compromise package approved by the House-Senate conference committee yesterday does indeed set the HECM loan limit at 150% of the Freddie Mac limit, which would put it at $625,500 — for the balance of 2009.The House of Representatives approved the plan this afternoon and the Senate is expected to follow suit this evening.Please remember that after President Obama signs the bill, HUD still must issue a Mortgagee Letter to implement the change. From our previous experience, we have learned that there is no telling exactly how long it will take for them to get this done, but with the temporary nature of this provision, we hope that they will act expeditiously.
NRMLA will of course update you as soon as we learn anything.

Darryl Hicks, Vice President, Communications