Reverse Mortgage Daily spoke to our client, Open Mortgage, to get their expert opinions on the positive effect of the HECM program. Over the past several years, the changes instituted by FHA have had a cumulative impact in improving the financial standing of the reverse mortgage book of business.
“The improvement to the MMI Fund has been substantial and is a reflection of both the general economic conditions and home appreciation, as well as the changes to the HECM program,” said Patty Wills, national retail sales manager for reverse mortgages at Open Mortgage. “These program changes have led to a more secure MMI Fund, but these changes, even though they may have been necessary, have also created obstacles for borrowers in need.”
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