Massachusetts Home Buyer Network
A Community For Massachusetts Home Buyers And Homeowners
Reverse Mortgage Loan Limits Increase
The Economic Stimulus Bill signed recently by President Obama increased the reverse mortgage loan limits to 150 percent of the Freddie Mac loan limit.
Presently, that would create reverse mortgage loan limit of $625,500, potentially helping older Americans access even more of the equity available in their homes to augment retirement incomes or offset investment losses.
Of course, one problem is home values. Many states with large populations of seniors, i.e., Florida and Arizona, have experienced drops in home values over the past year. This means that many seniors who previously stood to benefit from the new limits, no longer can realize the full potential of their home’s equity.
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