Carol Galante, acting Federal Housing Administration (FHA) Commissioner, Assistant Secretary for the U.S. Department of Housing & Urban Development (HUD) and recently nominated by President Barack Obama as Assistant Secretary of HUD, addressed the National Reverse Mortgage Lenders Association (NRMLA) 2011 Annual Conference in Boston, Mass. where she demonstrated her support for the Home Equity Conversion Mortgage (HECM) program and reverse mortgages.
“HECM is a very important tool for seniors," said Carol Galante. "We want to make the HECM program the best program it can be."
In her speech, Galante announced that she sees no immediate reason to reduce HECM loan limits below the current limit of $625,500. Galante also expressed optimism that some housing counseling dollars will be included in the 2012 budget.
“We thank Acting Commissioner Galante for her leadership and commitment to the vitality of the FHA reverse mortgage program,” said Peter Bell, president and chief executive officer of NRMLA. “Under Acting Commissioner Galante’s direction, HUD, along with the industry, has taken steps to position the HECM program for a bright future."