Being able to access a significantly higher amount of home equity gives a senior home owner that much more flexibility in how he or she can use their money.
Hanover, MA (Vocus) March 5, 2009
The president of a major mortgage company believes the economic stimulus bill that was passed by Congress and signed by President Barack Obama is good news for home owners over the age of 62. According to Alain Valles, president of Direct Finance Corp. of Hanover, MA (http://www.dfcmortgage.com)], the American Recovery & Reinvestment Act of 2009 raises the lending limits for Home Equity Conversion Mortgages, the most popular type of reverse mortgage, to $625,500. The previous limit was $417,000.
"This higher limit will provide much needed relief for many home owners, and makes a reverse mortgage a much more attractive financing option," says Valles, president of Direct Finance Corp., an independent broker of reverse mortgages with offices in six states. "Being able to access a significantly higher amount of home equity gives a senior home owner that much more flexibility in how he or she can use their money."
Valles points out that higher lending limit expires at the end of 2009.
"There is no guarantee that the $625,500 limit will be extended," warns Valles. "The next several months may be the best chance for home owners who are 62 or older to tap into the equity they have built up in their homes."
About Direct Finance Corp.
Direct Finance Corp. is one of the region's leading reverse mortgage companies. Direct Finance Corp. is licensed to provide mortgages and reverse mortgages in five New England states and Florida.
For additional information call (781) 878-5626.
Scribendi Public Relations
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