In a recent interview with Scotsman Guide editor Will McDermott, FHA’s Acting Deputy Assistant Secretary for Single-Family Housing Robert Mulderig said the Home Equity Conversion Mortgage will play a significant role helping maintain housing affordability for American’s aging population over the next several decades.
“I believe personally that programs that are going to address affordability of housing for seniors are going to be increasingly important. I look at HECM as a key tool in that,” said Mulderig, who further noted that diminished staff resources and antiquated technology are his two biggest challenges.
“We are dealing with systems that in some cases are 30 or more years old and are actually on old mainframe computers,” commented Mulderig. “Obviously, they do not provide us the flexibility, the level of service that we would love to be able to have in all of our systems.”