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Summary

HUD OIG is reviewing HUD’s Home Equity Conversion Mortgage (HECM) program.  HUD’s HECM program allows elderly homeowners to borrow against their home equity without requiring repayment of the loan until the homeowners die, move, or fail to comply with certain requirements.  HUD has guaranteed more than 1 million HECM loans as of June 30, 2020.  The review objective is to determine whether HUD designed the HECM program to control the risk of loss related to assignment claims and ensure program viability.