Page 8 - WSAAG098_WS Booklet

Many Years of Constant Improvements

Over the years, the HECM loan has been improved and strengthened
through the united efforts of many different parties including
HUD, the FHA, the Federal Trade Commission, the National Reverse
Mortgage Lenders Association (created in 1997), senior advocacy
groups such as the American Association of Retired Persons (AARP)
and the National Council on Aging (NCOA), and the now scores of
private lenders they work with to ensure that the HECM is a safer
and sustainable loan for seniors who want to responsibly access
some of their home equity for retirement.

Protections continue to ensure the integrity and mission of the
HECM program to help seniors unlock a portion of their home equity
so they have the cash they need for a more secure retirement.

The largest of these safeguards began
rolling out more than a decade ago,
which was perfect timing, considering
the first wave of baby boomers in 2008
was turning 62 — the minimum age
requirement for the loan.

Be er Together