galencall

galencall November 28, 2023

HECM maximum claim to increase to $1,149,825.00

The Federal Housing Administration has just announced that it will increase the maximum claim amount for Home Equity Conversion Mortgages in calendar year 2024 from $1,089,300 to $1,149,825 effective for case numbers assigned on or after January 1, 2024.This new maximum claim amount is also applicable to Freddie Mac’s special exception areas of Alaska, Hawaii, Guam and the Virgin Islands.Details were published in Mortgagee Letter 2023-22 and will be included in a future Single Family Housing Policy Handbook 4000.1 (Handbook 4000.1) release.

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