Economic Stimulus Bill Signed on Feb 24, 2009
The Economic Stimulus Bill signed recently by President Obama provides even more of America's seniors with the opportunity to benefit from a reverse mortgage. The new bill will raise the HECM loan limits to 150 percent of the Freddie Mac loan limit. Currently, that would create a HECM loan limit of $625,500, helping older Americans access even more of the equity available in their homes to augment retirement incomes or offset investment losses.
Limit Increased to $625,000
Home values have taken a plunge over the past year. This has pushed many home owners further into credit card debt or into foreclosure. Increasing the limit allows older Americans to enjoy their retirement, rather than hitting the job market.
New Limit Increase Spending
Increasing the limit will increase spending as a nation. The Economic Stimulus Bill is there to not only help older Americans, but to help people on Main Street. Home repairs, new cars, and lifestyle improvements all require someone on Main Street to do the work.
New Limit Prevent Foreclosure
Jobs and investments have been lost due to the economic market and fraud. Jobs lost result in monthly mortgage payments being left behind. With the recent ponzi schemes, retired Americans are forced back into the job market. Raising the limit may allow you to stay retired, while keeping your house. You're not alone in this economic crisis.
The Senior Funding Group is here to help you!
