PJ's Reverse Mortgage Blog

HUD has posted a Mortgagee Letter implementing the 10% haircut in principal limit factors, effective for all loans on which applications are taken on or after October 1, 2009.

The bottom line is, if you are thinking of getting a reverse mortgage, Get your application in before the 1st of October, or lose 10% of your principal limit.

 I believe there may be more changes to come in the Reverse MOrtgage industry.