New Loan Limits HECM Reverse Mortgage Calculator
The calculator below makes a comparison between the current HECM Reverse Mortgage Loan Limits and Hypothetical Loan Limits based on our intepretation of the Housing and Economic Recovery Act of 2008 (explained below). Please not we are NOT OFFERING nor ADVERTISING these increased limits. THEY ARE NOT CURRENTLY AVAILABLE. The information below is for comparison purposes only, please use it as such.
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About the Proposed Loan Limits
The above calculations are based on our intepretation of proposed loan limits as outlined in the Housing and Economic Recovery Act of 2008. THESE LIMITS ARE NOT CURRENTLY AVAILABLE AND WE ARE NOT OFFERING NOR ADVERTISING THEM. The actual limits will not be available until they are calculated and announced by HUD.
Based on our interpretation, The key statements of the act raising the limit are: "Such limitations shall not exceed $417,000 for a mortgage secured by a single-family residence" and "HIGH-COST AREA LIMIT- Section 302(b)(2) of the Federal National Mortgage Association Charter Act (12 U.S.C. 1717(b)(2)) is amended by adding after the period at the end the following: `Such foregoing limitations shall also be increased, with respect to properties of a particular size located in any area for which 115 percent of the median house price for such size residence exceeds the foregoing limitation for such size residence, to the lesser of 150 percent of such limitation for such size residence or the amount that is equal to 115 percent of the median house price in such area for such size residence."