Breaking News!
For 2024, conventional loan limits have increased to $766,550 nationwide, and up to $1,149,825 for high-cost areas. This is the new loan limit for single units, which includes single-family homes, condos, and townhomes.
What does this mean for you with a Reverse Mortgage?
- You can borrow more this year than last year while not having to take a “jumbo” loan which carries a higher interest rate than a conventional loan
- Interest rates are predicted to fall slightly in 2024, which also helps you financially
- Home prices are predicted to remain steady or even rise, which gives you the benefit of more equity
In summary, since Reverse Mortgage loan amounts are based upon your age, the interest rate, plus the equity you have in your home, all of the above factors will increase your borrowing power.
