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Higher Reverse Mortgage Limit in Place

2009 HECM limit $417,000

November 7, 2008

By MortgageDaily.com staff


Higher loan limits on home-equity conversion mortgages are now in place.

The national limit on reverse mortgages was raised to $417,000 yesterday, according to Mortgagee Letter 2008-35 issued Thursday from the U.S. Department of Housing and Urban Development. Previously, the limit was between $200,160 and $362,790 depending on the county.

The higher limits are the result of H.R. 3221, the Housing and the Economic Recovery Act of 2008, which became law on July 30.

The new limit, which applies to all counties, was increased on a national basis as a result of seven years of lobbying by the National Reverse Mortgage Lenders Association, a press release from the group said.

In some areas of Hawaii, new limits go as high as $544,185.

Existing reverse mortgage borrowers are eligible for an increased loan amount if their home value is adequate.

The new law also reduced maximum origination fees to the higher of $2,500 or 2 percent on the initial $200,000 of maximum claim amount based on the lesser of the home value or county lending limit. The remaining balance fee limit is 1 percent with a cap of $6,000.

Last month, NRMLA announced the new reverse limits but didn't yet know the formal effective date. The group noted at the time that mortgagees can no longer pay for HECM counseling on behalf or borrowers.

The conforming limit for 2009 was set at $417,000 today by the Federal Housing Finance Agency.


Related:

2009 Conforming Limit Set
A federal regulator has set the 2009 conforming limit at the same level as in 2008. But a program created in recent legislation temporarily pushes the limit past $600,000 in some areas.

Reverse Mortgage Updates
Counselor fee payments have been prohibited and loan limits are increasing on reverse mortgages.

Reverse Mortgage News
Home equity conversion mortgages, HECM lenders and HECM reports. Reverse mortgage lending issues, analysis and compliance.

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