Responding to market demand, the Federal Housing Administration (FHA) is now offering a newly modified version of the Home Equity Conversion Mortgage (HECM) product that requires lower upfront premiums.

HECM Saver will be available for all HECM loans assigned on or after October 4, 2010. The new HECM also is an FHA insured second reverse mortgage option that not only allows older homeowners to tap into their equity to cover their expenses but also offers the option to lower upfront loan closing costs.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.