As of January 1, 2020 Federal Housing Administration (FHA) has increased the Maximum Lending Limit for Reverse Mortgages from the old $636,150 to a new $765,600..
Even though the increase is not large, it is an improvement for homes worth more that $765,600.
This means that if your home is worth more than $765,600., (ie $800,000) the maximum value FHA will consider it to be is $765,600. To this amount FHA will apply the age factor, to give a specific loan amount for that borrower.
However, for Higher Value Homes we can offer you a Proprietary Reverse Mortgage with Loan Amounts up to $3,000,000
If you have any questions please call me at 786-262-6486 or email at RodKohly@gmail.com