No, there has been no discussion on raising the lending limit nationally to $417,000….not yet.

House of Representatives Passes HECM Cap Bill January 17, 2007

Since the new Congress convened earlier this month, NRMLA has been working with the leadership in the U.S. House of Representatives to address our top priorities. As a result, we are pleased to announce that the House passed a bill this afternoon that would temporarily suspend the cap on the number of Home Equity Conversion Mortgages (HECMs) that can be insured by the Federal Housing Administration (FHA). Right now, FHA cannot insure more than 275,000 HECMs.

Sponsored by Rep. Jim Matheson (D-UT), the bill (HR 391) is intended as a stopgap measure to ensure that the FHA does not exceed the designated cap before Congress can pass a more permanent bill that either increases the cap further or eliminates it entirely.

In addition to Rep. Matheson, NRMLA would like to acknowledge the bill’s other co-sponsors, including Rep. Barney Frank (D-MA), Chairman of the Financial Services Committee; Rep. Maxine Waters (D-CA), Chairwoman of the Subcommittee on Housing and Community Opportunity; Rep. Geoff Davis (R-KY); Rep. Gary Miller (R-CA); Rep. Ginny Brown-Waite (R- FL); and Rep. Judy Biggert (R-IL).

NRMLA is already working with members of the Senate Banking, Housing and Urban Affairs Committee to introduce a companion bill as quickly as possible.

Make sure you keep checking back for updates and more Reverse Mortgage News. If you have news please contact Reverse Mortgage Nation or call 1-888-973-8377

This entry was posted on Thursday, January 18th, 2007 at 11:41 am and is filed under Reverse Mortgage News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.