Comments on: Appropriations Resolution Would Extend Higher Reverse Mortgage Loan Limits http://reversemortgagedaily.com/2009/10/28/appropriations-resolution-would-extend-higher-reverse-mortgage-loan-limits/ Reverse Mortgage News and Information Mon, 13 Feb 2012 00:19:00 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Anonymous http://reversemortgagedaily.com/2009/10/28/appropriations-resolution-would-extend-higher-reverse-mortgage-loan-limits/comment-page-1/#comment-39039 Anonymous Thu, 29 Oct 2009 06:22:00 +0000 http://reversemortgagedaily.com/2009/10/28/appropriations-resolution-would-extend-higher-reverse-mortgage-loan-limits/#comment-39039 The summary specifically states:rnrnu201cMaintaining Housing Loan Limits: The CR maintains loan limits for FHA, GSE and HECM single family mortgages at $729,750 through end of calendar year 2010. While those loan limits arenu2019t scheduled to go down to $625,500 until January 1, if not maintained at the higher level now, the mortgage industry will begin to plan for loans at the lower amountu2026.u201d rnrnIt is interesting that the authors show how little knowledge they have about lending limits on HECMs. They are under the misunderstanding that our limits are the same as FHA forward mortgages, i.e., $729,750.rnrnIf the health care bill will be as poorly managed as it appears it will be, resolution and passage of the appropriations bill impacting HUD may not occur until next year. rnrnThe real question is whether or not an extension of the higher limits until at least 9/30/2010 will result in a higher deficit than $798 million requiring a greater reduction to the principal limit factors of more than 10%. Hopefully, that will not be the case.rnrn The summary specifically states:rnrnu201cMaintaining Housing Loan Limits: The CR maintains loan limits for FHA, GSE and HECM single family mortgages at $729,750 through end of calendar year 2010. While those loan limits arenu2019t scheduled to go down to $625,500 until January 1, if not maintained at the higher level now, the mortgage industry will begin to plan for loans at the lower amountu2026.u201d rnrnIt is interesting that the authors show how little knowledge they have about lending limits on HECMs. They are under the misunderstanding that our limits are the same as FHA forward mortgages, i.e., $729,750.rnrnIf the health care bill will be as poorly managed as it appears it will be, resolution and passage of the appropriations bill impacting HUD may not occur until next year. rnrnThe real question is whether or not an extension of the higher limits until at least 9/30/2010 will result in a higher deficit than $798 million requiring a greater reduction to the principal limit factors of more than 10%. Hopefully, that will not be the case.rnrn

]]> By: The_Critic http://reversemortgagedaily.com/2009/10/28/appropriations-resolution-would-extend-higher-reverse-mortgage-loan-limits/comment-page-1/#comment-34428 The_Critic Thu, 29 Oct 2009 04:22:39 +0000 http://reversemortgagedaily.com/2009/10/28/appropriations-resolution-would-extend-higher-reverse-mortgage-loan-limits/#comment-34428 The summary specifically states:<br><br>“Maintaining Housing Loan Limits: The CR maintains loan limits for FHA, GSE and HECM single family mortgages at $729,750 through end of calendar year 2010. While those loan limits aren’t scheduled to go down to $625,500 until January 1, if not maintained at the higher level now, the mortgage industry will begin to plan for loans at the lower amount….” <br><br>It is interesting that the authors show how little knowledge they have about lending limits on HECMs. They are under the misunderstanding there our limits are the same as FHA forward mortgages. The summary specifically states:

“Maintaining Housing Loan Limits: The CR maintains loan limits for FHA, GSE and HECM single family mortgages at $729,750 through end of calendar year 2010. While those loan limits aren’t scheduled to go down to $625,500 until January 1, if not maintained at the higher level now, the mortgage industry will begin to plan for loans at the lower amount….”

It is interesting that the authors show how little knowledge they have about lending limits on HECMs. They are under the misunderstanding there our limits are the same as FHA forward mortgages.

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