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Reverse Mortgages Limits Raised to $625,500.

DALLAS, March 2 /PRNewswire/ -- Lone Star Reverse Mortgage, aTexas-based reverse mortgage provider, has announced that reversemortgage loan limits have increased as a result of the American Recoveryand Reinvestment Act of 2009 (ARRA) and signed into law by PresidentObama on February 17, 2009.

"This is very important information and may come as a relief to many senior homeowners who are concerned about their ability to obtain or access cash or credit in the current economic climate. This new limit is significant to senior homeowners who have homes with higher values than previous reverse mortgage programs could accommodate," says Bob Worley, owner of Lone Star Reverse Mortgage.

Under ARRA, the national FHA loan limit for Home Equity Conversion Mortgage (HECM), a federally insured reverse mortgage, will increase from $417,000 to $625,500, effective for the remainder of 2009.

You likely know you ought to compare a minimum of three lenders in shopping around. Don't hide this fact from each lender when doing your shopping around. They know you're shopping around. Be forthright in other proposes to sweeten the deals any person lenders present you with. Play them against the other to discover who really wants your organization.

You likely know you need to compare no less than three lenders in looking around. Don't hide this fact from each lender when doing your shopping around. They know you're looking around. Be forthright in other offers to sweeten the deals any person lenders offer you. Play them against each other to find out who really wants your business.

The passage of this program allows senior this site borrowers with higher value homes the ability to potentially receive much more money to use for whatever purpose they need, including retiring higher existing debt. If you have been unsure about a reverse mortgage because your benefit amount would not pay compare fl reverse mortgages off enough of your existing debt or if you have already received a reverse mortgage but were limited in the amount of funds you could receive because your home was worth more than the HUD limit, you may now want to consider or reconsider a reverse mortgage. Under these new limits, now more than ever, this may be the right time to look at a reverse mortgage. At the very least, you owe it to yourself to be informed about the opportunities and options available to you.

The new legislation will only make the limits available until the end of 2009 and then it would be up to Congress to vote to extend the increased loan limit. So, sooner rather than later is the time to learn about the new limit and how it may benefit you.

If you have questions, seek the help and counsel of a qualified and experienced reverse mortgage specialist. A reverse mortgage is not the same as a traditional forward mortgage and they require the expertise of someone who specializes in reverse mortgage loans. Only work with individuals who are truly experienced in reverse mortgages and have a successful track record in this specialized industry.

About Lone Star Reverse Mortgage

Lone Star Reverse Mortgage is a division of Reverse Mortgage of Texas, one of the founding companies in the Reverse Mortgage industry with offices throughout Texas in Dallas, Fort Worth, Austin, San Antonio, Kerrville, Houston, and El Paso. Debbie and Bob Worley are reverse mortgage specialists who can provide Texas seniors with free reverse mortgage information and old-fashioned personal service.

http://www.lonestarreversemortgage.com/ ;

CONTACT: Bob Worley of Lone Star Reverse Mortgage, 1-866-336-4633, bobworley@lonestarreversemortgage.com

Web Site: http://www.lonestarreversemortgage.com/ ;

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