As a unique financial product designed for members of a protected class, the Home Equity Conversion Mortgage is subject not only to federal oversight, but to state regulation as well. While rules guiding the program are essential to its success, it’s vital that these policies are crafted with care to ensure that this financial tool can be utilized effectively.

In this issue, TRR Assistant Editor Lauren Daniels takes an up-close look at state-specific legislation that impacts the product and the seniors who wish to use it. As Daniels points out, this year has seen new HECM legislation on the books in both California and Massachusetts, and NRMLA has been watching the status of these bills closely while also keeping tabs on more than 30 pieces of pending legislation in 12 other states.

As advocates of the reverse mortgage program, HECM professionals working in all sectors of the industry need to be aware of local statutes that might impact the program and not be afraid to voice their opinions when lawmakers aren’t getting it right. If we make an effort to share our thoughts about the product with state representatives, perhaps we can work together with those shaping the rules to ensure that HECMs are around to help seniors for decades to come.