As part of the Homeownership Act of 2008, The Department of Housing and Urban Development (HUD) recently approved a single national loan limit of $417,000 for federally insured Home Equity Conversion Mortgage (HECM) reverse mortgages. HUD is expecting the loan limit to be effective around November 1. The new, higher lending limit will enable borrowers to obtain a greater benefit if their home value is higher than the previous HUD limit. Previously, the HECM program assigned different lending limits by county ranging from $200,160 in rural areas to $362,790 in the highest home value areas. Similarly, existing borrowers whose home value is greater than the new HUD limit may be able to increase their benefit by refinancing their reverse mortgage and are encouraged to contact their lenders. HUD is expected to implement the other reverse mortgage provisions from the Homeownership Act in the coming months

Read more here – New Reverse Mortgage Loan Limits