Reverse Mortgage History

The Reverse Mortgage became a valuable and safe tool for Senior Americans when the United States Congress authorized the Department of Housing and Urban Development (HUD) through the Federal Housing Administration (FHA) Home Equity Conversion Mortgage (HECM) in 1989. The National Reverse Mortgages Lenders Association was formed.

1) The United States Congress passes FHA Reverse Mortgage Legislation, the Housing and Community Development Act of 1987, (S. 825) on December 22, 1987.

2) President Ronald W. Reagan signs FHA Reverse Mortgage Legislation (S. 825) on February 5, 1988.

3) First FHA Reverse Mortgage made to Marjorie Mason, of Fairway, KS by James B. Nutter & Company on October 19, 1989.

Another program became available in 1996 when the Federal National Mortgage Association (FannieMae) created the Home Keeper.

These three (3) Reverse Mortgages offer the opportunity for virtually all Senior Citizens to utilize the equity in their homes to provide needed financial security. Since 1989, more than 200,201 Seniors have obtained an FHA HECM. Reverse Mortgages will continue to grow.

Call 1-888-973-8377 for a free Reverse Mortgage Analysis