Bad Credit Online Magazine - Daily News and Advice on Credit, Debt and Mortgage : Higher reverse mortgage limits set for 2006

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December 08, 2005

Higher reverse mortgage limits set for 2006

According to the National Reverse Mortgage Lenders Association, higher limits for 2006 are set for two reverse mortgage products, the federally insured Home Equity Conversion Mortgage (HECM), which has 90 percent market share of all reverse mortgages, and the Fannie Mae Home Keeper loan.

The new limits for HECM set depending on location, with the highest limit for major metropolitan area increased from $312,896 to $362,790. The lowest limit set for rural and non-metropolitan areas, increased from $172,632 to $200,160.

Home Keeper loan will increase in sync with conforming mortgage limit, to $417,000 from the current limit of $359,650. It is 50 percent higher for Alaska, Hawaii, and the U.S. Virgin Islands.

Posted in Mortgages at December 8, 2005 10:30 PM

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