WASHINGTON – The reverse mortgage industry is looking for 2016 to be a comeback year after recent reforms by the Federal Housing Administration and winning newfound respect from financial planners.
Since the housing crisis, the industry has been largely dependent on the FHA's reverse mortgage product. Over the past four years, originations of Home Equity Conversion Mortgages have been stuck below 60,000 a year as lenders implemented new FHA regulations designed to make the product safer for seniors and more financially sound. With the implementation now behind them, lenders are hoping for a change.
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