Found this interesting article in the Examiner, regarding the potential for a new Reverse Mortgage product.

A New Reverse Mortgage Product Announced – Mini-HECM’s

In the meantime, possibly as a response to the needed subsidy, HUD has decided to work on a new idea – mini-HECM’s. While this idea had been proposed before, nothing ever came of it. Now, though, it looks like some substance is being put behind the idea.

The idea was revealed recently at a conference of the Mortgage Bankers Association which was held in San Diego, CA. At the meeting, Meg Burns, who is the Director of the Office of Single Family Program Development at HUD, said that a new product is being developed by HUD.

Mini-HECM is an Additional Product – not a Replacement

The new mini-reverse mortgage is going to be offered in addition to the standard HECM package. Its goal is to provide those who qualify with the opportunity to be able to receive a specified amount of money with a smaller principal limit.

We will post more information once we receive it.

You can also view these consumer friendly sites:
Reverse Mortgage Requirements
Reverse Mortgage Fraud