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Maximum Claim Amount for HECM Cases
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The system-calculated Maximum Claim Amount is based on the appraised Property Value or FHA Mortgage Limit for the area, whichever is less, at the time of closing. For multiple living unit cases, the Maximum Claim Amount is always the area FHA mortgage limit for one unit. |
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Verify that the Property Value is correct. | ||
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Verify that the County Code is correct for the property address. | ||
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Verify that the Closing/Disbursement Date is correct. FHA mortgage limits are subject to change, especially at the beginning of a calendar year. The system-calculated Maximum Claim Amount is calculated based on the correct FHA mortgage limit at the time of closing. | ||
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