Reverse Mortgage Article 3
Economic Stimulus Increases Loan Amounts for Reverse Mortgages!
The new economic stimulus package, signed in January 2009 contains
several changes that equate to very exciting news for seniors seeking a
Reverse Mortgage! One of these changes increases loan limits, from
$417,000 up to $625,500!
Higher loan limits means that people who previously did not qualify for a
reverse mortgage due to the national limit of $417,000, and those subject
to a cap of $417,000 may now be able to participate in this exciting
program! Raising limits to $625,500, equates to more funds available for
qualifying seniors!
Reverse Mortgages are a unique source of added income for seniors over
the age of 62, which is not dependent upon FICO score, or income. The
reverse mortgage does not have to be repaid until the senior chooses to
moves, sells the property or passes away. There are no mortgage payments
to be made, no penalties for early payment and this is a non-recourse
loan.
For More Information on How a Reverse Mortgage Can Help You, or Your Parents Live More Comfortably Feel Free to Contact Virginia Berry of Approval Reverse Mortgage at 719.520.3326.
“When Experience Counts” Find Out What a Reverse Mortgage Can Do for You
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