National limit set for reverse loan program

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Are you 62 or older, own your own home and thinking about a reverse mortgage? HUD today approved a new national limit of $417,000 for Home Equity Conversion Mortgages (HECMs).

This is higher than previous lending limits, which varied by county and ranged from $200,160 to $362,790. Those considering tapping their home equity through a reverse mortgage can check out the National Reverse Mortgage Lenders Assn.’s consumer website for a list of local lenders.

Just curious: Has anyone out there used a reverse mortgage to remain in their home rather than go through a foreclosure?

-- Lauren Beale

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