HUD Mortgagee Letter Raises Arizona Reverse Mortgage Loan Limits Yesterday, HUD published an official Mortgagee Letter (2009-07) that raised Arizona reverse mortgage loan limits to $625,500. This is good news for Arizona seniors! As of yesterday, anyone who is interested in getting an Arizona reverse mortgage can now have access to more money. The old loan limit was $417,000 and the … [Read more...]
FHA HECM for Purchase Program: The Best Loan Ever?
The FHA HECM for Purchase - New as of January 1, 2009 Is the new FHA HECM for Purchase program the best way to buy a house? If you are a senior, it is hard to beat. Imagine the following scenario: You find a house that has an appraised value of $150,000. The seller is willing to sell you the house for $100,000 (not uncommon in today's market). You were born on January 5, 1947 - which … [Read more...]