FHA Commissioner Brian Montgomery announced today that the new HECM, Home Equity Conversion Mortgage, national home loan limit will be $417,000. The target effective date is November 1,2008. Keep in mind this is only a target date and not an official deadline. Many reverse mortgage lenders have reported a significant increase of inquires since HUD increased the loan limits. Reverse mortgages are one of the most unique FHA home loans that are available to senior homeowners who are at least 62 years old. Credit and income have no minimum requirements with this cash out loan.
Refinance and Avoid a Foreclosure
Don't ignore the letters from your lender Contact your lender immediately.
Contact a HUD-approved Housing Counseling Agency
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Homeowners continue to fight foreclosure pressures, but loan modifications can lower your mortgage rate to make the payment more affordable. More and more lenders are accepting loan work-outs so consider these foreclosure prevention options.
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