Congress Extends Higher Loan Limit for Reverse Mortgages

This is great news for seniors with homes of higher value. Congress recently passed legislation to extend the $625,000 loan limit through December 31, 2010. Without this extension the limit would dropped to its previous watermark of $417,000, which would be largely detrimental to those with homes appraising for more than that amount.

All that remains is for President Obama to sign the continuing resolution, which is expected to happen soon.

Robert Story, Chairman of the Mortgage Bankers Association said, "Extending the current loan limits through 2010 will allow more loans to qualify for these important programs and will keep mortgage credit more accessible and affordable for qualified borrowers."

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