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Pushing the envelope

National Mortgage Professional
Oct 16, 2008

Senior Lending Network estimates 30 percent more seniors to qualify for or benefit from reverse mortgagesMortgagePress.comSenior Lending Network, reverse mortgages, World Alliance Financial, HUD, HECM, David Peskin Senior Lending Network, a program of World Alliance Financial Corporation, estimates that approximately 30% more seniors can now qualify for or borrow more through a reverse mortgage due to a rise in the nationwide lending limit set by the U.S. Department of Housing and Urban Development (HUD). HUD recently announced that the HECM (Home Equity Conversion Mortgage) nationwide loan limit will become $417,000 by a target date of Nov. 1, 2008. Currently, the size of a HECM depends on the maximum lending limit in a particular county and only ranges from $200,160 to $362,790. The actual date of the loan limit increase will not be established until HUD issues a final policy letter to the industry. The new increased nationwide lending limit is important and will help seniors access more of the equity in their homes, providing significant relief for many seniors in today's turbulent economic times. "The HUD announcement is very positive for the reverse mortgage industry," stated David Peskin, CEO of Senior Lending Network. "For many seniors the current economic pressures associated with the economy and the rise in the cost of living is part of their day-to-day lives. Their retirement funds are worth less, they are living longer and declining home values continue to take their toll. A reverse mortgage shifts the focus to the seniors greatest asset and lets them remain in their home while they access their equity. The new limit is welcomed in these tough times for new customers, and also permits existing reverse mortgage holders to reevaluate whether they can put their equity to even greater use. It is one way for seniors to buffer the impact of a worsening economy and declining home values." For more information, visit www.seniorlendingnetwork.com.
Published
Oct 16, 2008
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