MortgageReverse

House Continuing Resolution Suspends Reverse Mortgage Loan Cap

Under a continuing resolution passed by the House of Representatives last week, the cap on the number of reverse mortgages allowed outstanding under Federal Housing Administration insurance would be suspended once again, this time through September 30—or the current fiscal year. 

The cap, currently set at 275,000 loans, but which has been suspended many times over the course of the past five years through congressional appropriations and continuing resolutions, falls under a proposed resolution working its way through Congress.

The House passed the “CR” last week, with the Senate expected to propose its own version of the CR in March. Currently, the government is being funded by a continuing resolution that will expire in late March. 

The cap was brought to the attention of members of the Senate in a hearing this month, during which National Reverse Mortgage Lenders Association President and CEO Peter Bell spoke of the necessity of having the cap lifted permanently. 

Written by Elizabeth Ecker

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