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Health of HECM Program Remains Positive In FY23

Health of HECM Program Remains Positive In FY23

For a third consecutive year, the Home Equity Conversion Mortgage portfolio had a positive economic value. That’s according to the Department of Housing and Urban Development’s 2023 Annual Report to Congress.

By the numbers:

  • The stand-alone capital ratio for the HECM portfolio stood at 16.72 percent in FY 2023, which is significantly higher than the congressionally mandated ratio of 2 percent.
  • FHA provided insurance endorsements for 32,963 HECMs in FY 2023, representing a Maximum Claim Amount of $16.16 billion.

  • After increasing every year since 2013, the average MCA per HECM endorsement decreased slightly to $490,396 in FY 2023 from last year’s record high of $498,210.

Published by

Darryl Hicks

Darryl Hicks is Vice President of Communications for the National Reverse Mortgage Lenders Association. In this capacity, Hicks writes for NRMLA's publications, manages the association's web sites and social media accounts, assists committees and the Board of Directors, and manages the Certified Reverse Mortgage Professional designation. Prior to joining NRMLA in 1999, Hicks spent three years in the Washington, D.C. bureau for National Mortgage News.