On July 23rd, The House passed H.R. 3221: The Foreclosure Prevention Act of 2008. The bill, which will now be on its way to the Senate, will then go to the White House for its final passing.

The section of the bill including the provisions on Reverse Mortgages will be voted on by the Senate. These are provisions many people have been looking for and can be happy about. These provisions include:

1. Provisions on counseling requirements, promoting quality in counseling2. Origination Fees of 2% on $200,000 loan amounts, and also a 1% of the balance thereafter, with a cap of $6,0003. Restrictions on selling of financial products4. Co-op provisions5. Home purchase product authority6. Prohibitions on purchasing annuities and other financial products7. National Loan Limit of $417,000.00, which can increase to $625,500 in High Cost Areas. Make sure to keep your eyes and ears open, this is an important bill to follow.  

Right now Florida Reverse Mortgages have one of the highest loan limits in the country.