The Federal Housing Administration recently announced an increase in the maximum claim amount for Home Equity Conversion Mortgages in 2024 from $1,089,300 to $1,149,825. These new amounts will be effective for case numbers assigned on or after January 1, 2024.
Plaza Home Mortgage® reverse software has been updated and is available to provide quotes under the new limit, effective immediately.
This new maximum claim amount is also applicable to Freddie Mac’s special exception areas of Alaska, Hawaii, Guam and the Virgin Islands.
See the full details in Mortgage Letter 2023-22.
