• New Reverse Mortgage Law
  • August 28, 2013 | Author: Jessica (Ginny) Cochran Rutledge
  • Law Firm: Sirote & Permutt, P.C. - Birmingham Office
  • On August 9, 2013, President Obama signed the Reverse Mortgage Stabilization Act ( HR 2167) in an attempt to revitalize the FHA Home Equity Conversion Mortgage (HECM) Program. This Act amends 12 USCA § 1715z-20 of the National Housing Act by giving the Secretary of Housing and Urban Development (HUD) the authority to make administrative and policy changes to the Federal Housing Administration’s (FHA) HECM program without the constraints of a time-consuming formal regulatory process.