The Economic Stimulus Bill signed recently by President Obama provides even more of America’s seniors with the opportunity to benefit from a reverse mortgage. The new bill will raise the HECM loan limits to 150 percent of the Freddie Mac loan limit. Currently, that would create a HECM loan limit of $625,500, helping older Americans access even more of the equity available in their homes to augment retirement incomes or offset investment losses.

Data reveals that many states with large populations of seniors have experienced significant self-reported drops in home values over the past year. This means that many seniors who previously stood to benefit from these new limits, can no longer realize the full potential of their home’s equity.

To find out how much qualify for a new HECM, call 1-888-973-8377 or request a free information packet.

This entry was posted on Tuesday, February 24th, 2009 at 7:54 pm and is filed under Reverse Mortgage News. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.