The US Department of Housing and Urban Development officially extended the loan limits for its FHA insured reverse mortgage program with Mortgagee Letter 2009-50.

The national FHA loan limit for the HECM program in 2010 remains at $625,500 (150 percent of the national conforming limit). In the special exception areas (AK/HI/GU/VI), the maximum claim amount on HECM mortgages is the same $625,500 limit as in all other areas. The loan limit shall be effective for all HECMs that have been assigned a FHA case number on or after the effective date of this Mortgagee Letter.

This entry was posted on Tuesday, December 1st, 2009 at 9:05 am 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.