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HUD/OH RIN: 2502-AI79 Publication ID: Fall 2016 
Title: Federal Housing Administration (FHA): Strengthening the Home Equity Conversion Mortgages (HECM) Program to Promote Sustained Homeownership (FR-5353) 

The Home Equity Conversion Mortgage (HECM) program is FHA's reverse mortgage program that enables senior homeowners who have equity in their homes to withdraw a portion of the accumulated equity. The original intent of the HECM program was to ease the financial burden on elderly homeowners facing increased health, housing, and subsistence costs at a time of reduced income. Through authority granted to HUD in the Reverse Mortgage Stabilization Act of 2013 to implement additional or alternative requirements necessary to improve the fiscal safety and soundness of the HECM program, and the Housing and Economic Recovery Act of 2008, HUD has made significant changes to the Home Equity Conversion Mortgage (HECM) program by mortgagee letter. This rule codifies those program changes in the HECM regulations. This rule also makes several additional origination and servicing changes to the HECM program which will continue to stabilize the program, address gaps resulting from changing housing markets and borrower demographics, and enhance the HECM program’s sustainability. Together, these program changes would realign the HECM program with its original intent, continue to strengthen Mutual Mortgage Insurance Fund and help ensure the continued availability of this important program for our aging seniors.

Agency: Department of Housing and Urban Development(HUD)  Priority: Economically Significant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Final Rule Stage 
Major: Yes  Unfunded Mandates: No 
CFR Citation: 24 CFR 206   
Legal Authority: 12 U.S.C. 1715b    12 U.S.C. 1715z to 1720    42 U.S.C. 3535(d)   
Legal Deadline:  None
Action Date FR Cite
Proposed Rule  05/19/2016  81 FR 31770   
NPRM Comment Period End  07/18/2016 
Supplemental NPRM  08/11/2016  81 FR 2016   
Second NPRM Comment Period End  09/12/2016 
Final Action  01/00/2017 
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Small Entities Affected: No  Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
Karin Hill
Senior Advisor, Office of the Deputy Assistant Secretary for Single Family Housing
Department of Housing and Urban Development
Office of Housing
451 7th Street SW.,
Washington, DC 20410
Phone:202 708-3084