Home Equity Conversion Mortgage (HECM) for Purchases - It's About Time We Heard Something!

This has been a long time coming for all of you HECM originators. The Housing Economic Recovery Act (HERA) has given the FHA HECM the higher loan limit of $417,000. This fast-growing product is headed for some off-the-charts popularity. Plus it will be the only game in town since Fannie’s Homekeeper is throwing in the towel as of December 31, 2008.

(FHA Mortgagee Letter 2008-33, October 20, 2008)

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