AgentMortgage

New reverse mortgage limits give seniors lifeline

More homeowners to benefit from $625K loan ceiling

While job cuts and dwindling investment accounts continue to plague wage-earning households, many seniors continue to wonder how long their once-healthy retirement funds will provide them with the cash needed for their leisure years. Some good news arrived recently, especially for older homeowners who continue to make mortgage payments on their primary residence. The economic stimulus bill signed into law raises the single national loan limit for the country's most popular reverse mortgage to $625,500 from the previous ceiling of $417,000. "This is a great opportunity for seniors to tap into additional funds to offset losses they may have experienced in the current economic environment," said Sarah Hulbert, president of Senior Financial Corp., a reverse mortgage lender. "There are a great number of seniors in homes valued significantly over the old limit of $417,000 limit who will be able to maintain or enhance their standard of living through the implementat...

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