Reverse Loans Threatened by Cap
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GEORGE A. DOWNEY
is president of Harbor Mortgage Solutions in Braintree. He can be contacted by e-mail at gdowney@harbormortgage.com. |
By George A. Downey
The nation’s most popular reverse mortgage program, the Home Equity Conversion Mortgage, was created by Congress in 1988. The enabling legislation included a volume cap so that legislators could monitor the program’s performance and cost to the government. The cap, initially set at 150,000, was increased to 250,000 in 2005 through emergency legislation last year as HECM volume rapidly approached the original limit.
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