New Reverse Mortgage $625,500 Lending Limit
In accordance with the Mortgagee Letter 09-07 ReverseVision will apply the higher lending limits of $625,500 to all loans closing on or after February 24.
This is effective immediately.
Special cases:
If a loan has been closed over the past months and needs to be re disclosed or closed again, as long as the CLOSING DATE stays before February 24 it will be recalculated under the old limits.
If any closer needs to close a loan with CLOSING DATE AFTER or on February 24, and needs for whatever reason to apply the old limits, they should contact ReverseVision.
