Sun American Mortgage

In a recent news release, the Federal Housing Finance Agency announced an increase in the maximum conforming loan limit by nearly $100,000 since 2016! Starting January 1, 2020, the conventional loan limits for Fannie Mae and Freddie Mac will be more than $510,000, an increase from $484,350 in 2019. This new update applies to one-unit properties only. For the areas where the cost of living is higher, there will be an increase beyond this baseline limit depending on the county. Over the last year, the median home values have increased generally, and particularly in the high-cost areas. Maximum loan limits will increase in many counties. For the high-cost areas, the new ceiling loan limit for a one-unit property will rise to $765,600 or 150% of $510,400. For areas like Alaska, Hawaii, Guam and the US Virgin Islands where a special statutory provision exists, the baseline loan limit will be $765,600 for a one-unit property. The recent announcement by FHFA marks the fourth strai

When my friend, Tony started to reach his mid 50’s, the old back injuries he’d sustained decades ago, playing college football, started to flare up & get worse. Patrice, his wife, had been in Healthcare for her whole career & just knew as they got older & injuries & age caught up with them that they’d end up forking over quite a bit of money to pay for medical bills. They’d done what most Americans do, & had a good career & funded a 401K for a few decades, but the reality is, it’s just not enough when you factor in health issues & unexpected expenses. They knew they needed extra financing and chose to get a Reverse Mortgage. They planned to find financial backup so that they could be prepared for anything that might come up.   Likewise, if you’re hitting your retirement years and you don’t want to, or can’t touch your lifetime savings yet, a reverse mortgage might be a lifesaving option for you like it was for Tony & Patrice.   Let me explain a l