Date: September 20th 2009

As many of you know, part of the economic stimulus package included temporarily increasing the maximum limits of the Home Equity Conversion Mortgage (HECM) from $417,000 to $625,500, for the remainder of 2009. Today, the U.S. Congress is debating whether to continue the current maximum limit for 2010 or reduce reverse mortgage loan dollars available to borrowers. Therefore, if you have any clients that are seriously considering a reverse mortgage, the time is right to move forward now.

There are no income or credit score qualifications. This means many clients who are not eligible for other conventional credit products may qualify for a reverse mortgage. To be eligible, all borrowers must be titleholders, age 62 or older, and there must be available equity in the home.

Reverse mortgage proceeds can be used for everyday expenses or to pay off an existing mortgage; cover medical bills, including in-home care; make home repairs; downsize and purchase a new home; or cover unexpected expenses. Plus, proceeds are generally tax-free (borrowers should consult a tax advisor).

The Home equity Conversion Mortgage is a government insured reverse mortgage that allows borrowers to stay in their homes while remaining as titleholders. There are no monthly reverse mortgage payments until the loan becomes due.

To learn more about how this increase and how a reverse mortgage may benefit your clients and their families, please contact me today. Like you, I am committed to helping seniors achieve their financial goals.

Sincerely,

James P. Bras,
Reverse Mortgage Specialist
FutureSafe Financial Corporation
800) 920-9488
Email: jim@ereversemortgageloans.com
Website: www.ereversemortgageloans.com
CA DRE License 00674232