FHA Extends $625,500 Loan Limit for HECMs
interest 2:35 PM
The Federal Housing Administration today published Mortgagee Letter 2009-50, which implements the continuing resolution recently passed by Congress that kept loan limits for Home Equity Conversion Mortgages at $625,500 through December 31, 2010 Tweet
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A reverse mortgage is a loan for senior homeowners that uses a portion of the home's equity as collateral. The loan generally does not have to be repaid until the last surviving homeowner permanently moves out of the property or passes away. At that time, the estate has approximately 6 months to repay the balance of the reverse mortgage or sell the home to pay off the balance.
All remaining equity is inherited by the estate. The estate is not personally liable if the home sells for less than the balance of the reverse mortgage.
http://www.reversemortgagelendersdirect.com/reverse-mortgage-loan/
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