New Housing Bill raises Reverse Mortgage limits

As the New housing Bill provides for assistance to borrowers in distress, it also brings some changes into the reverse mortgage limit - the maximum loan amount a senior homeowner can apply for.

Under the New Housing Bill, the reverse mortgage limit has been raised to $417,000 nationwide. However, if you're in a high housing cost area, you can even qualify for up to $625,000. But a lot depends on your home value, location, and age of the youngest borrower on the note. Also, the New Housing Bill cuts down fees on reverse mortgages.