Lender411.com Articles Reverse Mortgage

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The U.S. Dept of Housing and Urban Development (HUD) has recently released Mortgagee Letter 11-29, which will keep the lending limit at $625,500 for Home Equity Conversion Mortgages (HECMs or reverse mortgages) through Dec. 31, 2011. This is great news for potential reverse mortgage borrowers with property values over $417,000. Based on the age of the youngest borrower and the current interest rate, a borrower is able to access a percentage of their property value or the maximum lending limit (whichever is less). With interest rates continuing to remain at record lows, many borrowers are deciding that now is the time to take advantage of the reverse mortgage.

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