Reverse Mortgage Philadelphia: Philly area seniors considering a reverse mortgage may have a wider variety of options in the near future. It seems that HUD is taking a page from Austin Powers and plans to create a ‘Mini Me’ or ‘Mini HECM’.
The consideration for the Mini HECM is due to the $800 million subsidy request to help insure the existing reverse mortgage program.
Meg Burns, Director of the Office of Single Family Program Development at HUD, said that its looking at offering a HECM “mini” along with the HECM currently available.
Currently being developed, the details are scarce but, Burns said the product gives seniors the means to receive a fixed amount of money with a smaller principal limit.
