Reverse Mortgage Lending Limits

As of Jan. 3, the county lending limits were raised, affecting how much money is available to the consumer. For example, in Florida, the Sarasota and Manatee county lending limit went from $256,900 to $336,100. The Charlotte County limit went from $172,623 to $224,209. To find out the increase of your county, please call 1-888-973-8377.

That means that if somebody has a house valued at that amount or higher, they're able to take advantage of a greater percentage of the equity they have in their home. That can make a big difference. A reverse mortgage client ended up getting $60,000 more just because he waited two weeks to close on the transaction.

We also now have rate locks, where we're able to lock in the interest rate on a reverse mortgage for a period of 60 days while we're in process. And the guidelines have become less stringent.

The lending limits can change a minimum of once a year, typically on Jan. 3. Depending on how the housing market is doing, they can change throughout the year as well.

Call 1-888-973-8377 to speak with a Reverse Mortgage Specialist.