HappySeniorHomeOwners Blog

Great News for Homes Valued at $625,500 or More!!!

December 5th, 2016 1:35 PM by Juan Luis Rodriguez-Kohly

As of January 1, 2017 Federal Housing Administration (FHA) has increased the Maximum Lending Limit for Reverse Mortgages from the old $625,500 to a new $636,150.

Even though the increase is not large, it is an improvement for homes worth more that $625,500.

This means that if your home is worth more than $636,150, (ie $800,000) the maximum value FHA will consider it to be is $636,150. To this amount FHA will apply the age factor, to give a specific loan amount for that borrower.

If you have any questions please call me at 786-262-6486  or email at RodKohly@gmail.com

Posted by Juan Luis Rodriguez-Kohly on December 5th, 2016 1:35 PM

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