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Congress Passes Extension Of Higher Reverse Mortgage Limits
On October 30th, 2009, the House and Senate passed an extension of the $625,500 loan limit for reverse mortgages through December 31, 2010. Loan limits for the Home Equity Conversion Mortgage (HECM) would’ve returned to $417,000 at the end of the year if the extension wasn’t passed.
Also included in the continuing resolution (H.R. 2996), was an extension of the GSE loan limit of $729,750 through the end of 2010.
“Given the lack of a private secondary mortgage market, FHA, Fannie Mae and Freddie Mac are pretty much the only game in town,” said Robert Story, Chairman of the Mortgage Bankers Association.
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