New lending limits set to take effect
With the passing of The Housing and Economic Recovery Act of 2008, new Reverse Mortgage lending limits are set to take effect at the end of the year. This will mean that more money for individual homes will be available.
With the end of IndyMac bank as a Reverse Mortgage Lender and their remittance of the Financial Freedom Jumbo Cash Advantage, there has been a definite need for product that will perform for large value homes. This new lending limit provision in the Housing Act will allow for the HECM to give a much greater percentage of the home’s appraised value.
You will be able to enjoy these new lending limits either at the end of November or perhaps at the end of December 2008
