Number: RL33843
Title: Reverse Mortgages: Background and Issues
Authors: Bruce E. Foote, Domestic Social Policy Division 
Abstract: Under prior law, FHA-insured reverse mortgages were subject to the FHA mortgage limit for the area in which a property is located. The Housing and Economic Recovery Act of 2008, P.L. 110-289, establishes a mortgage limit equal to the conforming loan limit for Freddie Mac. Present law limits the aggregate number of FHA-insured reverse mortgages to 275,000 loans, and that limit has been exceeded. Notwithstanding the limit in present law, the 2009 Continuing Appropriations Resolution, P.L. 110-329, provides that FHA may continue to insure reverse mortgages through March 6, 2009. Unless Congress amends the law, FHA may not insure reverse mortgages after March 6, 2009.
Pages: 25
Date: October 16, 2008