First introduced in the 1960s, Reverse Mortgages became standardized and a federally insured program under Ronald Reagan in 1988.
The loans have steadily grown in popularity since then and have continued to evolve as housing prices, banking practices and consumer needs have changed over the years.
There have been many different types of Reverse Mortgages. Loan amounts, interest charges and insurance charges have been key concepts that have morphed over time – trying to balance the solvency of the program with the needs and wants of seniors. For example, in 2009 the loan limit was increased dramatically and in 2012 the HECM Saver was introduced to limit the fees paid by borrowers.
Estimate your Reverse Mortgage loan amount for all currently available Reverse Mortgage programs with the Reverse Mortgage Calculator.