This week, the housing system became a new point in president Trump’s agenda, after he signed a memo regarding the long overdue reform, handing the task to the Department of Housing and Urban Development and the Treasury Department.
A year ago, the president’s budget gave a boost to the HECM program by increasing the cap limit on reverse mortgages, and this new focus on the program shows that reverse mortgages are still a priority in the Trump administration:
“The Budget will again propose permanently lifting the cap of 275,000 loan guarantees to provide further stability for the HECM program. This proposal reflects the significant improvements that have been made to the program to reduce risk to the MMI Fund and to ensure responsible lending to seniors.” the White House wrote in its proposal for the fiscal 2019 Department of Housing and Urban Development budget.” - The White House stated in 2018.
The new reverse mortgage program will be reformed by HUD Secretary Ben Carson and his team. Trump expects that Carson will create a new, stronger economic base for the program. Administrative reform or congress action are under consideration, still.
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