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In early December, the U.S. Department of Housing and Urban Development (HUD) announced that the lending limit for Home Equity Conversion Mortgages (HECMs) – the federally-backed reverse mortgage program – will increase for the fourth year. Beginning on January 1, 2020, the lending limit for government-insured reverse mortgages will be $765,600, marking an increase of $39,075 from the lending limit... Read Full Article
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Update: New York Governor Vetoes Co-Op Legislation New York Governor Andrew Cuomo vetoed legislation (Senate Bill 3686-B) last week that would have permitted reverse mortgages on cooperative housing. While FHA does not permit Home Equity Conversion Mortgages on co-ops, NRMLA worked with state lawmakers and other stakeholders earlier this year to craft a bill that could have offered... Read Full Article
