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House Passes Bill that Extends Reverse Mortgage Loan Limits

Published on 09/30/2010

The House of Representatives passed the Continuing Resolution on September 30th which extends both higher mortgage loan limits and the $625,500 loan limit for Federal Housing Administration reverse mortgages.

These loan limits were set to expire at the end of the year and, if signed by President Obama, the bill will extend them through September 30, 2011.

Republicans areweary of extending the limits as the extension applies to loans backed by Fannie Mae and Freddie Mac.

”Fannie and Freddie are synonymous with mismanagement and waste, and have become the face of Too Big to Fail,” said Republican Senator John McCain.

However, Chairman of the Mortgage Bankers Association Robert E. Story was quick to point out that the bill will greatly benefit borrowers during this time of economic downturn.

“Extending the existing limits is essential to helping borrowers continue to have access to affordable long-term, fixed-rate mortgage credit in todays struggling economy,” said Chairman Story.

If you have any questions about how these reverse mortgage loan limit extensions will benefit you, consult with an AAG reverse mortgage specialist for FREE.

Simply ask a question and receive a FREE answer from a specialist who is standing by to help you.

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