Yesterday, Congress passed the continuing resolution we discussed yesterday, extending the HECM loan limit through the 2010 fiscal year.  The continuing resolution is now headed for the President’s signature, which it is expected to receive.  The continuing resolution means that the reverse mortgage loan limit will remain at $625,500.  The change reduces uncertainty about the future of the loan limits for HECM reverse mortgages.  As mentioned yesterday, the continuing resolution also includes jumbo conforming loans and conforming loans, two kinds of forward mortgages.

This entry was posted on Friday, October 30th, 2009 at 1:04 pm and is filed under Consumer News, Industry News. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.