June 14th, 2018 10:38 AM by Juan Luis Rodriguez-Kohly
As of January 1, 2018 the Federal Housing Administration (FHA) has increased the Maximum Lending Limit for Reverse Mortgages from the old $636,150 a new $679,650.
Even though the increase is not large, it is an improvement for homes worth more that $636,150.
This means that if your home is worth more than $679,650, (ie $800,000 or $1,000,000) the maximum value FHA will consider it to be is $679,650. 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
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