FHA reverse mortgage Lending limits

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December 6th, 2013 | by Elizabeth Ecker Published in , , , |

The Department of Housing and Urban Development announced today it will keep reverse mortgage loan limits unchanged through 2014, though it has reduced forward lending limits in some counties across the country, namely high-cost areas.

The limit for Home Equity Conversion Mortgages will remain at a maximum claim amount of $625, 500, with actual loan limits based on property value, borrower age and current interest rates, according to HUD.

For forward loans, single-family loan limits will be new as of January 1, 2014, as detailed in a . The change will impact roughly 650 counties.

The current standard loan limits where housing costs are relative low will remain at $271, 050, while the new national ceiling loan limit for homes in high-cost areas will drop from $729, 750 to $625, 500. Some areas are still eligible for higher loan limits based on median area home prices, with some additional exceptions.

“As the housing market continues its recovery, it is important for FHA to evaluate the role we need to play, ” said FHA Commissioner Carol Galante. “Implementing lower loan limits is an important and appropriate step as private capital returns to portions of the market and enables FHA to concentrate on those borrowers that are still underserved.”

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Whose allegedly behind the mortgage crash

2010-10-26 22:02:47 by 2bbcats

Hey folks things are crazy. There's an article from Life Magazine 1967 the Brazen empire outlining who'd be setting decent folks up in Preditory loans. This thing was launched and many agencies & officials nationwide played along. Youtube has a story entitled "DECEPTION" Whose allegedly behind the mortgage crash. I know this is going to make a great movie. Martin Scorcesse could play the guy who set this up. It appears folks have been lied to about what really happened and why folks are angry about the economy, businesses and foreclosures. The authorities who run financial institutions and agencies had to know

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  • Avatar bag-ten In 2003 what did FHA Reverse Mortgages pay in interest on unused available cash?
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    In 03 the economy came back like gangbusters. Did money that seniors had in reverse mortgage equity reserves also benefit from rapidly rising rates? Did those rates go up and by how much? Or did they even go down?

    • Bag-Ten, The reverse mortgage equity reserves or lines of credits grow at the same rate as the interest being charged against the borrower including the FHA mortgage insurance payment of .5% a year. So to figure out what someones line of credit growth rate was at any time you have to know what the current interest rate is being charged. FHA reverse mortgage interest rates are tied to the 1 year Treasury Bill plus 1.5%. In 03 the average T-Bill was around 1.25%. So to figure out what the return was in 03 for a reverse mortgage line of credit you would figure 1.25%(T-Bill) + 1.5%(Interest rate) …