MortgageReverse

FHA Management Report Shows $414 Million Positive Value for HECM Program

image Since the inception of the Federal Housing Administration’s reverse mortgage program, FHA has insured 571,709 HECM loans with a maximum claim amount of $123 billion.

According to FHA’s Annual Management Report, 452,196 of those loans with a maximum claim amount of $103 billion are still active. 

The report also showed that the HECM program had a $414 million positive value in FY 2009.  You can see the table below (page 63 in the report).

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HUD’s spokesman told the Reverse Mortgage Report that the $414 million was transferred to the Department of Housing and Urban Development’s Mutual Mortgage Insurance Fund’s Capital Reserve Account.  

The Housing and Economic Recovery Act (HERA) contained a provision which moved the HECM from the General Insurance Fund to the Mutual Mortgage Insurance Fund for fiscal year 2009 endorsements and beyond.

FHA’s Annual Management Report 

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