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The New Reverse Mortgage: Past & Present
The New Reverse Mortgage: Past & Present
To some, the mere mention of a reverse mortgage brings negative emotions from a distant experience with a loved one. To be fair, reverse mortgages of the past have indeed earned some of the negative publicity associated with them, but this mortgage product has many half-truths and misconceptions perpetuated by the media. Today's reverse mortgage is much different and provides many safeguards that greatly benefit the consumer.
History of the Reverse Mortgage
The very first reverse mortgage was written in 1961 in Portland Maine by Deering Savings & Loan. Many years later, the first congressional hearing in 1983 began. The Senate approved a proposal by Senator John Heinz to have reverse mortgages insured by the Federal Housing Administration (FHA). Ronald Reagan signed the reverse mortgage bill into law in 1988, and the government insured loan was established. The HECM (Home Equity Conversion Mortgage) reverse mortgage lender participation is at its highest number at 195 since inception.
Fast forward to the year 2008, and we begin to see the first of the baby boomers reach age 62. The reverse mortgage production exceeds expectations in the number of originations. This is partly due to the sheer number of baby boomers ... more

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