As we wrap up this issue, we are waiting with bated breath for HUD to announce changes to the HECM program. While the exact details are still unknown, early reports have indicated that the agency will consolidate the Standard and the Saver programs. As for the much-talked-about set-asides for taxes and insurance and Financial Assessment, those are set to be implemented in a second wave of program changes that might not take place until early 2014.

At The Reverse Review, we pledge to stay on top of these important program changes and plan to bring you a full rundown of the new regulations once they are released. We’ll talk to industry experts, market analysts and seasoned reverse professionals to help us break down what the changes will mean for your business and for the future of the reverse mortgage market.

But in the meantime, as we attempt to continue with business as usual despite the gathering clouds of uncertainty, it’s important to maintain a positive outlook. HUD and other industry leaders have insisted that the pending program changes will benefit the overall health of the HECM market, and we must trust that this is so. We must also keep in mind that tens of thousands of baby boomers are reaching retirement age, and they will need a financial tool like the HECM to access their home equity. Whether they are able to do so through a federally insured product or through new opportunities that arise in the proprietary market, that remains to be seen. But the demand exists, and although we may need to weather a tough period of adjustment to get there, the future of the reverse mortgage market does look bright.