The Appropriations Committee and Reverse Mortgages
If a mental picture comes to mind for the reverse mortgage industry it is the character “Neo” in the Matrix leaning back impossibly as he dodges bullets in slow motion. The question is, have we as an industry just dodged a bullet with the recent approval of the $150 million budget appropriation in subcommittee last week. The answer is yes, but only the first bullet.
The real question is where will we land after the full appropriations committee meets (The House) and then what will the Senate do with the request. What is interesting is only $150 million was requested versus the original $250 Million request which has been mentioned for months. To read the full article, check it out on ReverseMortgageDaily here.
What do you think? Will we get the $150 Million request for the HECM program through both houses and avoid another devastating Principal Limit Factor cut?