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* Date of Birth

month Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec year 1982 1981 1980 1979 1978 1977 1976 1975 1974 1973 1972 1971 1970 1969 1968 1967 1966 1965 1964 1963 1962 1961 1960 1959 1958 1957 1956 1955 1954 1953 1952 1951 1950 1949 1948 1947 1946 1945 1944 1943 1942 1941 1940 1939 1938 1937 1936 1935 1934 1933 1932 1931 1930 1929 1928 1927 1926 1925 1924 1923 1922 1921 1920 1919 1918

* Estimated House Value:

<amount> $30,000 or Less $30,000 – $39,999 $40,000 – $49,999 $50,000 – $59,999 $60,000 – $79,999 $80,000 – $99,999 $100,000 – $119,999 $120,000 – $139,999 $140,000 – $159,999 $160,000 – $179,999 $180,000 – $199,999 $200,000 – $219,999 $220,000 – $239,999 $240,000 – $259,999 $260,000 – $279,999 $280,000 – $299,999 $300,000 – $319,999 $320,000 – $339,999 $340,000 – $359,999 $360,000 – $379,999 $380,000 – $399,999 $400,000 – $419,999 $420,000 – $439,999 $440,000 – $459,999 $460,000 – $479,999 $480,000 – $499,999 $500,000 – $519,999 $520,000 – $539,999 $540,000 – $559,999 $560,000 – $579,999 $580,000 – $599,999 $600,000 – $619,999 $620,000 – $639,999 $640,000 – $659,999 $660,000 – $679,999 $680,000 – $699,999 $700,000 – $719,999 $720,000 – $739,999 $740,000 – $759,999 $760,000 – $779,999 $780,000 – $799,999 $800,000 – $819,999 $820,000 – $839,999 $840,000 – $859,999 $860,000 – $879,999 $880,000 – $899,999 $900,000 – $919,999 $920,000 – $939,999 $940,000 – $959,999 $960,000 – $979,999 $980,000 – $999,999 $1,000,000 – $1,249,999 $1,250,000 – $1,499,999 $1,500,000 – $1,749,999 $1,750,000 – $1,999,999 $2,000,000 – $2,249,999 $2,250,000 – $2,499,999 $2,500,000 – $2,749,999 $2,750,000 – $2,999,999 $3,000,000 – $3,499,999 $3,500,000 – $3,999,999 $4,000,000 – $4,499,999 $4,500,000 – $4,999,999 $5,000,000 – $5,499,999 $5,500,000 – $5,999,999

Mortgage Balance

No Mortgage $1 – $30,000 $30,000 – $39,999 $40,000 – $49,999 $50,000 – $59,999 $60,000 – $79,999 $80,000 – $99,999 $100,000 – $119,999 $120,000 – $139,999 $140,000 – $159,999 $160,000 – $179,999 $180,000 – $199,999 $200,000 – $219,999 $220,000 – $239,999 $240,000 – $259,999 $260,000 – $279,999 $280,000 – $299,999 $300,000 – $319,999 $320,000 – $339,999 $340,000 – $359,999 $360,000 – $379,999 $380,000 – $399,999 $400,000 – $419,999 $420,000 – $439,999 $440,000 – $459,999 $460,000 – $479,999 $480,000 – $499,999 $500,000 – $519,999 $520,000 – $539,999 $540,000 – $559,999 $560,000 – $579,999 $580,000 – $599,999 $600,000 – $619,999 $620,000 – $639,999 $640,000 – $659,999 $660,000 – $679,999 $680,000 – $699,999 $700,000 – $719,999 $720,000 – $739,999 $740,000 – $759,999 $760,000 – $779,999 $780,000 – $799,999 $800,000 – $819,999 $820,000 – $839,999 $840,000 – $859,999 $860,000 – $879,999 $880,000 – $899,999 $900,000 – $919,999 $920,000 – $939,999 $940,000 – $959,999 $960,000 – $979,999 $980,000 – $999,999 $1,000,000 – $1,249,999 $1,250,000 – $1,499,999 $1,500,000 – $1,749,999 $1,750,000 – $1,999,999 $2,000,000 – $2,249,999 $2,250,000 – $2,499,999 $2,500,000 – $2,749,999 $2,750,000 – $2,999,999 $3,000,000 – $3,499,999 $3,500,000 – $3,999,999 $4,000,000 – $4,499,999 $4,500,000 – $4,999,999 $5,000,000 – $5,499,999 $5,500,000 – $5,999,999

While the economy is showing clear signs of improvement, it is equally clear that many seniors are continuing to struggle in the current economic environment. As such, the U.S. Department of Housing and Urban Development officially extended the higher HECM Reverse mortgage lending limits, introduced back in 2009, through December of 2011.

In the midst of the worst of the Financial Crisis, in early 2009, President Barack Obama signed a new bill, The American Recovery and Reinvestment Act of 2009 (ARRA) on February 17, 2009. This was the “stimulus bill” we heard so much about.

Under ARRA, the national Federal Housing Administration (FHA) loan limit for the Home Equity Conversion Mortgage (HECM) was increased from $417,000 to $625,500. The increased limit was intended to only last through 2009. Since then, two continuing resolutions from the US Congress have extended it at least through the end of 2011.

The increase has allowed many senior homeowners living in higher valued homes the ability to receive significantly more money from a FHA Reverse Mortgage than in the past.

The New Loan Limit was Latest in String of Reverse Mortgage Improvements

Congress recognizes the many benefits of Reverse Mortgages and continues to improve the benefits and safeguards of the popular FHA insured program. Over the past few years, Congress increased the amount of money that seniors can receive from the program, reduced the fees, and expanded the program by allowing the proceeds to be used for home purchase. The new HECM Saver has also been rolled out, offering seniors a lower-cost option for their reverse mortgage needs.

A Reverse Mortgage is a loan that enables homeowners aged 62 or older to borrow against the equity in their home without having to sell the home, give up title, or take on a monthly mortgage payment. The money can be used for any purpose. Homeowners should only consider a reverse mortgage if you plan to stay in your home at least a few years, as the upfront costs are considered high.