Changes to Reverse Mortgages

It’s now 2010 and there have been a number of changes that will affect whether a reverse mortgage is going to work for you.

• there have been changes in the principal limit (as of October 1st 2009).
• the loan limit of $625,500 has been extended for the balance of 2010.
• the ability to use a reverse mortgage for the purchase of a home should be understood.

However, the reverse mortgage product is alive and well. If you are having cash flow issues, are at least 62 years of age, have a desire to remain in your home and have at least 50% equity, you should be educated on how a reverse mortgage could be used.

Send me an email or give me a call with any questions.