Get ready for some major renovations in the federal reverse mortgage program.
On Wednesday, the U.S. Senate joined the House in passing legislation
giving the Federal Housing Administration authority to alter its Home Equity Conversion Mortgage program, or (HECM),
protect borrowers and help the agency avoid a federal bailout. The
agency is expected to reveal later this month exactly how it’ll alter
the rules, which could take effect as early as Oct. 1.
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