Media and Mortgage Reform
by Jeffrey L. Bangerter
August 29th, 2008
Kiplinger’s headline tells us that “Seniors Get a Gift from the New Housing Law” while TheStreet.com headline explains that “Senior Homeowners Get Lift from Housing Bill.”
Kiplinger notes that “homeowners age 62 and older will now be able to tap a greater amount of their home’s equity. The maximum amount for a reverse mortgage has been upped nationwide by more than a quarter of a million dollars, to $625,500. That flat limit replaces the old rule that set limits from $200,160 to $362,790 depending on where the borrower lived.”
TheStreet.com says that “now there will be a higher borrowing level on FHA reverse mortgages — with $625,000 of home value as a cap, and a $417,000 borrowing limit. Fees will be capped at 2% of the first $200,000 borrowed, and 1% on the balance — with an absolute maximum of $6,000 in fees.”
For the full story, go to:
Seniors Get a Gift from the New Housing Lawand
Senior Homeowners Get Lift from Housing Bill