{"id":60117,"date":"2025-06-05T03:05:15","date_gmt":"2025-06-05T01:05:15","guid":{"rendered":"https:\/\/housesmarketplace.com\/white-house-expects-reverse-mortgages-to-continue-producing-government-receipts\/"},"modified":"2025-06-05T03:05:15","modified_gmt":"2025-06-05T01:05:15","slug":"white-house-expects-reverse-mortgages-to-continue-producing-government-receipts","status":"publish","type":"post","link":"https:\/\/housesmarketplace.trio-tv.com\/ru\/white-house-expects-reverse-mortgages-to-continue-producing-government-receipts\/","title":{"rendered":"\u0411\u0435\u043b\u044b\u0439 \u0434\u043e\u043c \u043e\u0436\u0438\u0434\u0430\u0435\u0442, \u0447\u0442\u043e \u043e\u0431\u0440\u0430\u0442\u043d\u0430\u044f \u0438\u043f\u043e\u0442\u0435\u043a\u0430 \u043f\u0440\u043e\u0434\u043e\u043b\u0436\u0438\u0442 \u043f\u0440\u0438\u043d\u043e\u0441\u0438\u0442\u044c \u0434\u043e\u0445\u043e\u0434\u044b \u043f\u0440\u0430\u0432\u0438\u0442\u0435\u043b\u044c\u0441\u0442\u0432\u0443"},"content":{"rendered":"
\n

Following last month\u2019s release of the so-called \u201cskinny budget\u201d from the White House<\/strong><\/a>, the Office of Management and Budget<\/strong> (OMB) has released a 1,200-plus page appendix for the proposal. It includes projections related to the performance of the Home Equity Conversion Mortgage (HECM<\/a>) portion of the Mutual Mortgage Insurance (MMI) Fund.<\/p>\n

According to the data \u2014 detailing the U.S. Department of Housing and Urban Development<\/strong><\/a> (HUD)\u2019s MMI Fund that can found on page 479 of the full document<\/a> \u2014 HECM loan guarantee volume in 2024 stood at $244.8 billion. It\u2019s projected to reach approximately $285.2 billion in 2025 and $315.1 billion in 2026.<\/p>\n

Document details<\/h2>\n

The guaranteed loan subsidy rate \u2014 which measures the receipts produced by the program for the federal government \u2014 was -2.87% in 2024. The negative rate indicates that HECMs generated receipts, whereas a positive figure would have required a subsidy from the government on the portfolio, costing taxpayers money.<\/p>\n

The negative rate is projected to dip slightly this year to -2.65% before rising again in 2026 to -3.13%.<\/p>\n

The same trend is observed in the HECM portion of the MMI Fund\u2019s guaranteed loan subsidy budget authority. In 2024, the figure stood at -$383 million, and it\u2019s projected to fall slightly to -$376 million in 2025 before a larger 2026 projection of -$474 million. The figures are identical for actual and estimated MMI HECM budget outlays.<\/p>\n

The budget document continues to show that forward mortgage insurance<\/a>, understandably, continues to outpace HECM insurance. OMB estimates about $300 billion for projected forward mortgage insurance volume versus the $15 billion figure it provides for the HECM program.<\/p>\n

\u201cThe Budget requests $160 million in the MMI Program account for administrative expenses to support a range of [Federal Housing Administration<\/a><\/strong> (FHA)] functions, such as loan underwriting and servicing, claims processing, and risk monitoring,\u201d the document explained. \u201cThe Budget also requests a limitation of $400 billion on loan guarantees for the MMI Fund.\u201d<\/p>\n

Above the stated estimated insurance figures, OMB also accounts for \u201cadditional commitment authority available in case these amounts are exceeded during execution.\u201d<\/p>\n

Further information about the perspective of the Trump administration<\/a> on the HECM program will come when HUD releases its specific fiscal year 2026 budget in brief. But this is also based on estimates from OMB and not actual cash, so it\u2019s possible that some of these figures could be revised by the time 2025 and 2026 data is available.<\/p>\n

Prior report<\/h2>\n

In the final MMI report of the Biden administration, submitted as part of HUD\u2019s Annual Report to Congress<\/strong> in November 2024<\/a>, the HECM portion of the MMI Fund reached a positive capital ratio for the fourth year in a row on the overall government-backed portfolio.<\/p>\n

In 2023, the HECM capital reserve declined slightly due to weaker levels of home-price appreciation. Last year, however, that metric was stronger, leading to a 7.78% increase in the HECM standalone capital ratio compared to one year earlier.<\/p>\n

The health of the HECM book of business remained strong at that time from FHA\u2019s perspective, as its economic value increased while the overall portfolio recovered from prior issues. But it remains to be seen what impacts proposed cuts to HUD funding could have on FHA programs, including reverse mortgages<\/a>.<\/p>\n

Looking ahead<\/h2>\n

The HECM program was not explicitly mentioned in the \u201cskinny budget<\/a>\u201d proposal, but HUD\u2019s outstanding budget document could include new information that might list either legislative or administrative recommendations for the HECM program.<\/p>\n

In a February 2025 editorial<\/a> published by HousingWire, former HUD deputy secretary and FHA Commissioner Brian Montgomery<\/a> mentioned the department\u2019s reverse mortgage programs as issues that now-incumbent HUD Secretary Scott Turner<\/a> will need to navigate during the second Trump term.<\/p>\n

\u201cHUD\u2019s reverse mortgage portfolio continues to experience stress largely due to the current interest rate environment,\u201d Montgomery wrote at the time. \u201cDespite a seemingly strong capital position as reflected in the most recent report to Congress, higher interest rates have slowed the origination volume and significantly impacted lenders\u2019 warehouse lines.\u201d<\/p>\n

<\/h2>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Following last month\u2019s release of the so-called \u201cskinny budget\u201d from the White House, the Office of Management and Budget (OMB) has released a 1,200-plus page appendix for the proposal. It includes projections related to the performance of the Home Equity Conversion Mortgage (HECM) portion of the Mutual Mortgage Insurance (MMI) Fund. 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