For Seniors - FHA Looks to Strengthen Reverse Mortgage Program
|Great news for Seniors. The Federal Housing Administration (FHA) recently proposed a new rule to strengthen its Home Equity Conversion Mortgage (HECM) Program. In addition to formalizing many of the structural improvements announced recently, FHA’s proposed rule is intended to make certain FHA-insured reverse mortgages remain a viable and sustainable resource for senior homeowners hoping to remain in their homes and age in place.
“We’ve gone to great lengths to protect seniors and ensure they can remain in their homes where they’ve raised families and where they hope to live out their days,” says Ed Golding, Principal Deputy Assistant Secretary for Housing at the U.S. Department of Housing and Urban Development (HUD). “As we grow older as a nation, we have a responsibility to ensure reverse mortgages remain a safe, secure, and sustainable financial option for future generations of senior homeowners.”
In the past two years, FHA implemented several reforms to improve its HECM Program. The proposed rule published today will reinforce those changes and add new consumer protections to make certain senior borrowers are sustained in their homes. These new changes would:
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