Reverse Mortgage Limits Rise
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| GEORGE A. DOWNEYis president of Harbor Mortgage Solutions in Braintree. He can be contacted by e-mail at gdowney@harbormortgage.com. |
By George A. Downey
Good news for senior homeowners: The Federal Housing Administration and Fannie Mae both have increased their lending limits on their reverse mortgage programs. These increases went into effect for reverse mortgage loans closing on or after Jan. 1, 2006. The National Reverse Mortgage Lenders Association noted these increases apply to two major programs: first, the FHA’s Home Equity Conversion Mortgage, clearly the most popular, accounting for over 90 percent of all reverse mortgages nationally; and second, Fannie Mae’s Home Keeper program.
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