The Role of the Federal Housing Administration in the Reverse-Mortgage Market
Congressional Budget Office
No 55247, Reports from Congressional Budget Office
The Federal Housing Administrationâ€™s Home Equity Conversion Mortgage (HECM) program guarantees repayment on qualifying reverse mortgages made by private lenders. Reverse mortgages let older homeowners borrow money by using the equity in their home as collateral. The borrowed funds can be used to repay an existing mortgage or to fund other expenses. In this report, CBO examines how the HECM program works, how it affects the federal budget, and how various policy changes might reduce costs and risks to the government or to borrowers.
JEL-codes: G10 G21 G28 R31 R38 R51 (search for similar items in EconPapers)
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