PJ's Reverse Mortgage Blog

Seniors are recognizing the value of using reverse mortgages to access the wealth they have accumulated in their homes to pay off existing mortgages and other debts (thus avoiding foreclosure in some situations), pay for healthcare, make needed repairs, or to supplement retirement income.

The new law passed at the end of july, (HR3221) makes reverse mortgages a much more desireable vehicle for seniors to use in unlocking the dormant equity in their homes.

Also a new national lending limit makes it available to many more seniors who want to access their home equity for a more comfortable retirement.  From $200,000 to a $417,000 FHA  lending limit. YEA!

Just waiting for a Mortgagee letter from HUD confirm the rules.

GOOD THINGS ARE HAPPENING IN THE REVERSE MORTGAGE WORLD!

Hope they don't change their minds. (PJ)