FHA lifts the cap off of senior reverse mortgages

The US senate made a decision to end the limit of FHA reverse mortgages. The limit was 250,000 per year, and earlier this year that limit had been extended.

Many seniors are eagerly awaiting loan limit increases. Presently the highest FHA loan limits in Washington State range from $200,160 to $362,790 in higher priced counties. The senate plans on meeting about increasing the fha loan limits soon.

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