The U.S. Department of Housing and Urban Development will increase the maximum loan limit for Home Equity Conversion Mortgages from its current level of $765,600 to $822,375 effective for case numbers assigned on or after January 1, 2021.
This new maximum claim amount is also applicable to Freddie Mac’s special exception areas: Alaska, Hawaii, Guam, and the Virgin Islands.
Details are provided in Mortgagee Letter 2020-42, which HUD just published.