Washington, DC (PRWEB) December 8, 2007
My Reverse Mortgage Pro and other reverse mortgage lenders are heralding a recent decision in the Senate. Two members of the Senate Banking committee recently agreed to get rid of a limit on the amount of reverse mortgages that a federal insurance program can underwrite. This is all part of new FHA reform bills that have passed through the House and Senate.
The Federal Housing Administration rules that are currently in place limit the number of reverse annuity mortgages to 275,000, but the decision by Senate leaders Christopher Dodd and Richard Shelby of the banking panel eliminates those limits. The caps on reverse annuity mortgages were also removed in a bill passed by the House of Representatives.
While mortgage lenders such as My Reverse Mortgage Pro are backing the decisions by the Senate and the House of Representatives to cut the limits on reverse mortgage annuities, other organizations are applauding it as well. The National Association of Home Builders and the National Association of Realtors are also behind the decisions of the House and Senate.
Reverse mortgages are popular among older Americans over the age of 62. These loans allow senior homeowners to draw income from the value of their property without having to leave the home.
For more information about reverse mortgages, visit http://www.myreversemortgagepro.com
About My Reverse Mortgage Pro:
MyReverseMortgagePro.com is dedicated to providing reliable, complete and easy-to-use information about reverse mortgages for people over the age of 62.
MyReverseMortgagePro.com also brings together the most suitable mortgage lenders with clients who are interested in revere mortgages. MyReverseMortgagePro.com provides as clear a picture as possible about the different types of reverse mortgages available. And for those who can't find the answer, they are ready to help with any information they need.
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