HUD hikes reverse mortgage loan limit

$417K ceiling now applies nationwide

The premier event for luxury agents and brokers
Luxury Connect | Oct. 16-18 | Beverly Hills

One of the most significant developments in the history of reverse mortgages occurred recently when FHA Commissioner Brian Montgomery announced that a new single national limit had been reached, eliminating critical geographical boundaries for many seniors in the country’s most popular reverse mortgage program.

Loans insured by the Department of Housing and Urban Development, known as Home Equity Conversion Mortgages, or HECMs, now have a common ceiling of $417,000, regardless of where the home is located.