Changes to requirements for home-equity conversion mortgages have driven reverse mortgage lenders to develop new proprietary programs.

Late last year, the Federal Housing Administration raised up-front HECM mortgage insurance premiums from 0.50 percent to 2.00 percent of the maximum claim amount.

The National Reverse Mortgage Lenders Association reports that recent changes to the HECM program impact the amount of funds available to borrowers

Source: Mortgage Daily