FHA Commissioner Offers Strong Endorsement of Reverse Mortgage Program

by 26 Oct 2011
Boston, MA – October 25, 2011 – In remarks to the National Reverse Mortgage Lenders Association (NRMLA) 2011 Annual Conference inBoston,Mass., Carol Galante, Acting Federal Housing Administration (FHA) Commissioner and Assistant Secretary for Housing, signaled strong support for the FHA Home Equity Conversion Mortgage (HECM) program. “HECM is a very important tool for seniors.  We want to make the HECM program the best program it can be,” said Galante. In her speech Acting Commissioner Galante announced that she sees no immediate reason to reduce HECM loan limits below the current limit of $625,500.  Galante also expressed optimism that some housing counseling dollars will be included in the 2012 budget. “We thank Acting Commissioner Galante for her leadership and commitment to the vitality of the FHA reverse mortgage program,” said Peter Bell, President & CEO of the National Reverse Mortgage Lenders Association.  “Under Acting Commissioner Galante’s direction, HUD, along with the industry, has taken steps to position the HECM program for a bright future,”Bellconcluded.   About Reverse Mortgages: Reverse Mortgages are available to seniors 62 years-old and older with significant home equity. They are designed to enable elderly homeowners to borrow against the equity in their homes without having to make monthly payments as is required with a traditional "forward" mortgage or home equity loan. Under a reverse mortgage, funds are advanced to the borrower and interest accrues, but the outstanding balance is not due until the last borrower leaves the home, sells or passes away. Borrowers may draw down funds as a lump sum at loan origination, establish a line of credit or request fixed monthly payments for as long as they continue to live in the home.  To date, over 660,000 senior households have utilized a HECM.   About the National Reverse Mortgage Lenders Association: The National Reverse Mortgage Lenders Association (NRMLA) is a membership organization comprised of over 300 companies and more than 1,000 people participating in the reverse mortgage industry.  NRMLA serves as the national voice for the reverse mortgage industry.  It serves as an educational resource, policy advocate and public affairs center for lenders and related professionals. NRMLA was established in 1997 to enhance the professionalism of the reverse mortgage business.  All NRMLA member companies commit themselves to our Code of Ethics & Professional Responsibility.
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