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Frequently Asked Questions
Q: When did the Home Equity Conversion Mortgage or Reverse Mortgage start?
A. The Home Equity Conversion Mortgage was authorized by Congress in the Housing and Community Development Act of 1987 and was initially limited to 2,500 loans. HUD insured the first HECM loan in November 1989. In 1998 the HUD Appropriations Act made the HECM a permanent program.
Related Links
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