As of October 1st, 2009, FHA will begin limiting the benefit amounts for Seniors obtaining reverse mortgages. Overall, the benefit amount will be 10% less after October 1st vs. prior to October 1st.
In a world where home values have dropped, assets have diminished, the COLA for SS is 0% and healthcare is continually becoming more expensive...this is not good news.
Some recent good news though - the loan limit for Reverse Mortgages might stick at $625,500 for the time being...so while it won't change the principal limits available to homeowners, it will at least let them base their benefit off of a higher amount.
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