The lending limit for federally-backed reverse mortgages is increasing for the fifth consecutive year in a row, set to hit $822,375 in 2021.
The Department of Housing and Urban Development (HUD) announced via Mortgagee Letter (ML) 2020-42 a maximum claim amount of $822,375 for the calendar year 2021, a rise of $56,775 from the $765,600 limit governing the Home Equity Conversion Mortgage (HECM) program in 2020.
Call Brenda Bejarano your Texas reverse mortgage expert for more information. Call Brenda at 972-388-3338.