If you've been considering a reverse mortgage, 2009 may be the year to act. Under the American Recovery and Reinvestment Act signed into law by President Obama, the limit for the FHA's most popular reverse mortgage program has been raised to $625,500. The previous limit on the FHA's HECM mortgage program was $417,000.

There's a catch though... the increased limit is currently only approved through December 31, 2009. That means that without government intervention, this higher loan limit will expire at the end of the year and revert to the lower 2008 FHA HECM limit.

For more information on reverse mortgages and the FHA Home Equity Conversion Mortgage (HECM) program, check out the following articles:

• Reverse Mortgage Basics
• Disadvantages of a Reverse Mortgage
• Using a Reverse Mortgage Calculator