The American Recovery and Reinvestment Act that was signed into law on February 17, 2009 includes increased loan limits for FHA Home Equity Conversion Mortgages (HECM). HECM Loans are commonly referred to as reverse mortgages. Reverse mortgages are becoming increasing popular for senior Americans to help meet their financial needs. The new HECM loan limit is now $625,000. The increased limit will allow even more seniors to participate than ever before. This limit is only effective for 2009.

If you know someone 62 years or older that owns their home and is struggling to make their payments you should have them contact Chosad immediately to discuss how a Reverse Mortgage can help. Visit www.acremortgageforseniors.com for more information, or call us at 1-866-377-2111.

Many Senior Americans have felt the pinch from the recent banking and investment crisis. We are most certainly in a recession and it has caused all our retirement nest eggs to shrink. The good news is for many seniors there is still a safe haven in which they can draw money to offset the losses to their retirement accounts. The safe haven I’m talking about is your home equity. A Reverse Mortgage from Chosad allows you to safely tap into your home equity so you can weather these tough times.

Most seniors purchased their homes long before home values began to skyrocketing in the late 90’s. Even with the recent housing crisis most seniors have considerable equity in their homes. Now is an excellent time for seniors to access that equity via a Reverse Mortgage and use that money in the years that they need it the most and not have to worry about paying it back in their lifetime.

If you know someone 62 years or older that owns their home and is struggling to make their payments you should have them contact us immediately to discuss how a Reverse Mortgage can help. Just click here to fill out our loan quote request form for a no-cost, no-obligation consultation with one of our loan officers, or call us at 1-866-377-2111.

The U.S. Department of Housing and Urban Development (HUD) adopted a new single national loan limit of $417,000 for Reverse Mortgages. For most areas of the country this is a siginificant increase. The previous lending limits were assigned by county and ranged from $200,160 in rural areas to $362,790 in the highest home value areas. HUD also reduced lender origination fees on Reverse Mortgages. These changes provide senior homeowners more financial flexibility.

If you are considering a Reverse Mortgage, this increased loan limit and reduction in origination fees could now result in you receiving more cash, depending upon your home’s appraised value. Visit our sister site http://acremortgageforseniors.com for more details.