One such strategy involves the federally-insured Home Equity Conversion Mortgage (HECM), a reverse-mortgage program in which older homeowners can convert some or all of the equity in their homes into cash. Financial analysts see the HECM product as a well-designed program which allows seniors to draw funds in a variety of ways to meet their needs. The program was launched in 1989 but over the years it has remained small and a relatively small number of seniors have taken advantage of it. Major revisions in the program were initiated over the last 16 months and the HECM program now gives every indication that it is on the verge of significant expansion.

2. As the generation of Baby Boomers age the United
States finds itself facing a retirement funds crisis
more and more retirees lack the financial capacity
to support themselves during their ever-increasing
life spans.
Financial advisors are working with these
individuals to help them explore ways in which they
can stretch their existing income and even find new
sources of income to supplement their retirement
funds.

3. In making its announcement, HUD
effectively yielded to the final judicial
interpretation in Bennett v Donovan
(U.S. District Court for the District of
Columbia), of the National Housing
Act Non-Borrower Spouse
“Safeguard” provision (Section
255(j)).
One such strategy involves the
federally-insured Home Equity
Conversion Mortgage (HECM), a
reverse-mortgage program in which
older homeowners can convert some
or all of the equity in their homes into
cash.

4. The program was launched in 1989 but over the years it
has remained small and a relatively small number of
seniors have taken advantage of it.
Major revisions in the program were initiated over the last
16 months and the HECM program now gives every
indication that it is on the verge of significant expansion.
Financial analysts see the HECM product as a well-designed program which
allows seniors to draw funds in a variety of ways to meet their needs.