Written by Jessica Guerin, as originally published in The Reverse Review.

In this issue of TRR, we break down HUD’s latest round of reverse mortgage policy changes. With help from Jim Milano, the industry’s leading regulation expert, we highlight some of the key mandates and take a look at what they mean for originators and their borrowers.

HUD’s final rule comes nine months after its proposed program revisions were released last May. It’s clear that the agency put a great deal of thought into its reverse mortgage policy, weighing more than 200 comments and suggestions submitted by members of the industry and other interested parties. Its efforts confirm its commitment to the program’s success and belief in the role it can play in solving the country’s looming retirement crisis.

But the timing of the rule’s release suggests that perhaps HUD was under pressure to get it on the record before the administration turnover. There are key issues that still need to be addressed and rulings that need extensive clarification.

The industry can only hope that the department will respond efficiently to its requests for clarification, and that Trump’s two-for-one executive order won’t impact the HECM program and detract from HUD’s hard work.