Loan limits for 2015 maintained at $625,500

In December it was announced that the loan limits for Reverse Mortgages insured by FHA would continue to be $625,500 despite the fact that conventional mortgages are still $417,000.

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Something to check for when Scheduling Counseling

Before a reverse mortgage can proceed (following the application) it is necessary for the borrower to spend about 90 minutes with a HUD counselor to insure that all of the details of a reverse mortgage are understood.  Many of the counseling agencies charge for the session, however, most face to face sessions in Colorado do not charge.  Since Grant funding for housing programs became a victim of spending cuts in Congress the ceiling on the $125 previously charged has been lifted.

Make sure that before making your counseling appointment you ask if there is a charge!

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