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Real Estate


Tom Kelly
Tom Kelly
The Real Estate Adviser
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February 10, 2005

The Real Estate Adviser: FHA loan limits on reverse mortgages are archaic, too broad

By TOM KELLY
Special to the Journal

Higher loan ceilings on the nation's most popular reverse mortgage program will do little to help senior homeowners in many of Western Washington's rapidly appreciating neighborhoods.

That's because the Home Equity Conversion Mortgage (HECM), insured by the Federal Housing Administration, stipulates the single-family loan limit for the particular area where the home is located affects the size of reverse mortgage that a borrower can get. The FHA loan limit varies by county and typically changes annually in attempt to keep pace with rising home prices.


 
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