Cap suspended on Reverse Mortgage- Safe for another year
The House of Representatives passed a continuing resolution that will once again suspend the cap on the number of reverse mortgages allowed outstanding under FHA insurance. The cap currently set at 275,000 loans will remain in effect through Sept. 30th, 2013. It has been suspended several times in the past five years through congressional appropriations and continuing resolutions. The Senate is expected to propose its own version in March. The cap was brought to the attention of the Senate in March when NRMLA CEO Peter Bell spoke of the necessity of having the cap lifted permanently.
Contact me when you are ready to enjoy the benefits of a Reverse Mortgage.
SUSAN DRAWDY, Your Reverse Mortgage Expert
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