Reverse Mortgage increased significantly in 2017 and it looks like that trend will continue for 2018 according to a recent report.
"The Department of Housing and Urban Development on Thursday announced a maximum claim amount of $679,650 for calendar year 2018, up from $636,150 this past year," according to Reverse Mortgage Daily.
"HUD arrives at that figure by calculating 150% of the Freddie Mac national conforming limit of $453,100; the Federal Housing Finance Authority, which establishes conforming limits for Freddie Mac and Fannie Mae, announced that figure late last month."
Loan limits have certainly increased across the board. With the National Housing Act in mind, it is important to remember that "the lending limit for Home Equity Conversion Mortgages must remain uniform throughout the country," according to the report.
In addition to this years increased loan limits, forward loan limits are also expected to rise alongside median housing prices.
For more information on the projected loan limit increases for 2018 click on the image above.