With expected yet unknown changes to the HECM program, FHA may ‘move the cheese’. In today’s risk-adverse environment FHA is focusing on the fixed rate product. Publically they are concerned if it serves the HECM program’s original intent and purpose. But privately one could speculate that the full lump sum withdrawals of the fixed rate are seen as increasingly risky loans to be insured with accelerated negative amortization compared to their adjustable counterparts. For us the trick is not to stop or slow down while speculating on potential adjustments. A good reminder during times like these comes from the best-selling book “Who Moved My Cheese”.