NCLC provided comments to the Department of Housing and Urban Development (HUD) describing the importance of the federally-insured reverse mortgage program for older adults living on limited income. Federally insured reverse mortgages are a much safer option for older homeowners than alternative “equity release” products being sold by private investors with little to no government oversight. NCLC described strengths of the HECM program, the need for robust support for HUD-certified housing counseling before a consumer takes out the HECM loan, and suggestions for continuing to strengthen the accessibility and stability of this crucial mortgage program.
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