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