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Feature: HECM Revamp 

Following the much-anticipated release of a pivotal mortgagee letter, the reverse mortgage program was subjected to the most drastic change it has faced since its inception.With less than 30 days to adjust, the industry jumped into overtime in an effort to understand the new rules and prepare for their implementation. In effect, FHA’s recent guidelines revamp the HECM as we once knew it, creating a new type of reverse mortgage product that, by demanding a slower consumption of home equity, caters to a different type of borrower. With these new guidelines in place, originators will be forced to connect with