History of Reverse Mortgages

Reverse mortgages are a great option for those looking to receive funds to use as they like. Curtis Lawrence “Mr Reverse Mortgage” is a leading provider of Reverse Mortgages in Portland, Beaverton, Vancouver, King City, as well as the whole state of Oregon & Washington. For more information on Reverse Mortgages and how to qualify contact Curtis Lawrence today at (503)805-2906!

The development and evolution of the Reverse Mortgage program has been a godsend for senior homeowners…with currently over a million Reverse Mortgage loans in force. The very first Reverse Mortgage loan was made in 1961 by a Portland, Maine Savings and Loan for the widow of a local high school football coach. The loan allowed her to stay in their home despite the loss of her husband, and his income. Growth in this type of loan was very slow throughout the 1960’s but picked up somewhat in the 1970’s with mostly private banks offering Reverse Mortgage loans.

The catalyst that really provided the growth and consumer protections that are available today came from a 1983 congressional hearing concerning Reverse Mortgages. At that hearing, Senator John Heinz introduced a proposal to have Reverse Mortgage loans insured by the Federal Housing Administration (FHA). Senator Heinz also suggested that the idea of home equity conversion should be studied further. By 1987, Congress passed the FHA insurance bill that would insure Reverse Mortgages. On February 5, 1988 President Ronald Reagan signed the Reverse Mortgage bill into law. FHA identifies the program as the Home Equity Conversion Mortgage (HECM) and insured the first HECM/Reverse Mortgage in 1989.

Curtis Lawrence “Mr Reverse Mortgage” is a leading provider of Reverse Mortgages in Portland, Beaverton, Vancouver, King City, as well as the whole state of Oregon & Washington. For more information on Reverse Mortgages and how to qualify contact Curtis Lawrence today at (503)805-2906!