The history of reverse mortgages:
1987 - on December 22nd, the US Congress passes the Housing and Community Development Act of 1987 giving life to the FHA Reverse Mortgage (HECM)
1998 - on February 5th, President Ronald Regan signs FHA Reverse Mortgage Legislation (S. 825)
1989 - on October 19th, the first FHA reverse mortgage is made by James B. Nutter & Company to Marjorie Mason of Fairway, Kansas
1996 - FannieMae introduces it's Home Keeper reverse mortgage program.
About Me
- Neil Sweren, CMC, CRMS
- Owings Mills, Maryland, United States
- For nearly 20 years I've been in the trenches of the residential mortgage market. I've seen and heard just about everything. Allymac / SeniorLoans is a HUD approved correspondent lender. We are one of the largest originators of Reverse Mortgages in the nation.