Reverse Mortgages: Background and Issues (CRS Report for Congress)
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| Release Date |
Revised Feb. 22, 2010 |
| Report Number |
RL33843 |
| Report Type |
Report |
| Authors |
Bruce E. Foote, Analyst in Housing |
| Source Agency |
Congressional Research Service |
| Older Revisions |
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Summary:
Under prior law, FHA-insured reverse mortgages were subject to the FHA mortgage limit for thearea in which a property is located. The Housing and Economic Recovery Act of 2008, P.L. 110-289, established a mortgage limit equal to the conforming loan limit for the Federal Home LoanMortgage Corporation (Freddie Mac).Present law limits the aggregate number of FHA-insured reverse mortgages to 275,000 loans, andthat limit has been exceeded. Notwithstanding the limit in present law, the ConsolidatedAppropriations Act, 2010, P.L. 111-117, provided that FHA may continue to insure HECMsthrough September 30, 2010.This report will be updated as deemed necessary in response to changes in law or regulation.
