HUD Makes Higher Reverse Mortgage Limits Official from Jerry Mayer with HUD
HUD published Mortgagee Letter 2009-07 which raises the national FHA loan limit for HECMs to $625,500 as of February 24, 2009. It is effective for all loans closing after that date.
In the previous posting, HUD made an error and this is the correction:
Delete the paragraph referring to loan limits for AK, HI, Guam and VI. The limits in those areas will not exceed $625,500. To read a copy of the Mortgagee Letter go to:
http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/09-07ml.doc
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