Reverse Mortgage Limits Increased

By Riley Q Bangerter Many older Americans who have resided in their houses for many years or decades saw the price of their houses rise dramatically, particularly recently. However, in high cost areas, for example the Northeast and West, home values have overreached the Congressionally-mandated cap of $362,790 for getting an FHA-backed reverse mortgage – [...]

Posted Under: Reverse Mortgage
This post was written by John Andrew on May 28, 2009 Comments (0)

New Changes in Reverse Mortgages Have Been a Major Improvement For Seniors

By Tim G Robbins The first major change that took place is the amount charge on the origination fees. Prior to the change the fee was 2% of the appraised value with no cap. Now it has been change to a maximum of $5,950 which relates to 2% of the first $200,000 and 1% of [...]

Posted Under: News
This post was written by John Andrew on January 12, 2009 Comments (0)