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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).
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.
The Reverse Mortgage offers the opportunity for virtually all Senior Citizens to utilize the equity in their homes to provide needed financial security. Since 1989, more than 529,197 Seniors have obtained an FHA HECM.
America's Reverse Mortgage Lender®
Contents copyright © 2000-2009 American Reverse Mortgage Corporation. All Rights Reserved.
