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FHA Mortgagee Letter 2008-08, March 28,2008
HECM (Reverse Mortgages) Offer Fixed Rate
If you originate HECMs - I'm kind of excited about this. I got my own Mother into a HECM. Now I want to check into her changing options and getting a fixed interest rate, which wasn't, to my chagrin, available when she took out her loan.
For those of you who don't currently originate HECMs - With the aging of America, the HECM is the fastest growing program out there. It's a great opportunity to develop a niche, and there is plenty of room for "experts" in this field.
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