Language that allows the Federal Housing Administration to continue insuring Home Equity Conversion Mortgages was included in a package of six appropriations bills that passed the House of Representatives on July 20.
The package, H.R. 8294, includes the Fiscal Year 2023 Transportation, and Housing and Urban Development, and Related Agencies appropriations bill.
Earlier today, the Senate Appropriations Committee released its own version of the THUD appropriations bill that includes the same HECM cap language. NRMLA and its legislative team played a critical role getting the HECM cap language added to both bills.
Under the current HECM statute, there is a limitation on the number of HECMs that FHA is authorized to insure. Since 2007, Congress has approved suspensions of the authorization cap.