American Banker (10/06/08) P. 11
The maximum loan amount for government-insured reverse mortgages could be raised to $417,000 on Nov. 1, with HUD hiking the limit significantly from the current range of $200,160 to $362,790. The National Reserve Mortgage Lenders Association and other groups, however, had hoped the ceiling would be lifted to $625,000, bringing it in line with the new conforming-loan limit. HUD also is restricting fees on Home Equity Conversion Mortgages--the FHA's reverse product--to no more than $6,000.
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