Hello everyone!!

It’s my pleasure informing you all that MortgageFit Community has exceeded 30,500 members. Not only mortgage professionals and industry experts, a lot of common people are also participating in our community in the recent times.

Recently, Bob and Eric from the mortgage industry have joined our community. It’s great to see them actively taking part in our community activities.

Other members like Gmakerly, Jheard, Cliff Pape are also regularly participating in our community forums. Their participation in the forums has helped the community grow by encouraging interaction among the members. It has helped a lot of people in dealing with their financial/mortgage or property issues.

I hope that all the members of the community will enjoy participating in the forums. And, let’s hope our community will grow even bigger!

Reverse Mortgage, also known as “Aging in Place”, has been quite popular with the senior citizens since its inception in 1987. FHA along with Congress, NRMLA etc. are continuously working towards making reverse mortgage more attractive for the seniors.

Senior citizens who are aged 62 years or above could earlier cash out home equity with the help of reverse mortgage. But from 1st January, 2009 onwards, reverse mortgage will be available to senior citizens to buy their primary residence as well. Along with this, the reverse mortgage limit has been raised to $417,000 nationwide and those living in high cost areas can qualify for loans even up to $625,000.

It was noticed that the reverse mortgage program which was introduced to keep seniors in their home wasn’t helping those who wanted to downsize or those who were keen to move closer to their kids. But with the new development in reverse mortgage, things have become easier for the senior citizens.

With the raising of the reverse mortgage limit and changes in the traditional reverse mortgage, I think, a lot of senior citizens will be benefited. In order to get a reverse mortgage, it was necessary that the senior citizens had their own residence. The reverse mortgage was mainly used by them to pay off debts and medical bills. But now, seniors can also buy a home of their own with the help of a reverse mortgage.