Hope everyone had a great Holiday Season. As the new year starts HUD has increased the Reverse Mortgage Lending limit from $679,650 to $726,525. You can find the official announcement from HUD’s Mortgagee Letter from December. Mortgagee Letter 2018-12
What does a higher loan limit mean for you? If your home value was above the previous loan limit of $679,650 it could mean you have access to an additional $46,875 in equity depending on your age, the current balance of your mortgage, and interest rate.
Remember, if you’re a home owner where the value of your home exceeds $726,525 we have proprietary Jumbo Reverse Mortgage products with loan amounts up to $4 Million.