National Mortgage News published HECM Industry Fighting for Higher, More ‘Fair,’ Loan Limit over the weekend. Writer Amilda Dymi details how market insiders are fighting in Congress to get the HECM loan limit increased to $625,000.
National Reverse Mortgage Lenders Association members are hopeful President Obama will follow up on his promise to sign a pending bill that will make the $625,000 limit a reality, NRMLA board member Tony Garcia told NMN.
"For years we were stuck at the $362,000 limit with a 7.9% interest rate and starting in October 2007 the National Reverse Mortgage Lenders Association fought for what it seemed forever to increase the loan limit to at least $417,000. Meanwhile the home values were dropping," said Mr. Garcia, who also is the CEO of Liberty Street Financial Group in San Diego. To read a copy of the entire article click the link below.