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Changes to HECM Program Allow Seniors to Borrow More
Published on 09/24/2010
The Department of Housing and Urban Development is reducing the principal limits to the HECM reverse mortgage product but is also lowerering effective interest rates. These lowered interest rates, from 5.50 to 5.00 percent starting October 4th, will allow borrowers to receive more money from reverse mortgage.
”HUDs announcement is welcome news in an economy where both capital and credit are scarce and for a market where seniors are looking for options that maximize their equity,” said Jeff Lewis, Chairman of Generation Mortgage.
The reverse mortgage industry has drastically strengthened in recent months as the number of applications continues to rise. These lowered interest rates and other initiatives by HUD, such as adding the HECM Saver Option which reduces upfront costs, will only fortify the HECM product.
Do not hesitate to ask any questions about how these changes will affect your reverse mortgage options. Our AAG reverse mortgage experts are standing by and happy to address your questions and concerns.
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