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Posted May 19th, 2016

Home Equity Conversion Mortgage Proposed Rule Published Today in the Federal Register

Today, the Federal Housing Administration (FHA) published its Home Equity Conversion Mortgage (HECM) proposed rule, Strengthening the Home Equity Conversion Mortgage Program (FR-5353-P-01), in the Federal Register. This is a milestone step for FHA in its efforts to ensure the continued viability of its HECM program. The proposed rule updates the regulations (24 CFR Parts 30 and 206), consolidating all HECM regulations into one document for public comment with the intent to:

  • Codify previously implemented requirements;
  • Propose new requirements that reflect FHA’s need to manage the risk to the Mutual Mortgage Insurance Fund, while maintaining the program in a manner that assists seniors in using the HECM program to access the equity in their homes;
  • Propose clarifications and corrections to existing HECM regulatory language; and
  • Replace certain references in 24 CFR Part 203 by incorporating those requirements in 24 CFR Part 206.

FHA is soliciting public comments on the proposed rule during a 60-day public comment period. All comments must be submitted to FHA through the formal methods detailed in the proposed rule.