HECM 1. FHA HECM 1970 FHA 1989 HECM 2. HECM GSE HECM 3. HECM 2011 10 2010 65 2,925 65 23.1 65 4 83
2012 Summer 1 1 2009 99 8,507 2 68 6,422 2009 55.3 2009 70 60 3,000 2009 7 1 2 ILO 1 84
2 3 4 3 4 85
2012 Summer 1970 65 1945 7%1950 1960 1970 1963 Property Tax Deferral ProgramPTD 1978 Deferred Payment Loan Program DPLsDepartment of Local Affairs and Development 1979 San Francisco Development Fund Federal Home Loan Bank Board Reverse Annuity Mortgage: RAM 5 RAM 6 RAM 5 6 1 1981 86
7 1977 Equi-Pay Broadview Savings & Loan 805 10 RAM 1980 1978 Ken Scholen Bureau on Ageing 1979 5 1981 National Center for Home Equity Conversion NCHEC Federal Housing AgencyFHA FHA Housing and Urban Development Department HUD FHA1981 U.S. House Select Committee on Aging1982 U.S. Senate Special Committee on Aging 1982 1983 Federal Council on Aging FHA HUD FHA 7 75 20 12 19,332 life-time 87
2012 Summer 1982 Garn-St. Germain Depository Institution ACT of 1982 1984 Social Security Administration 1984 IRMA American HomesteadIRMA IRMA Shared Appreciation 8 IRMA 1986 1987 1988 1988 Providential Home Income PlanCapital Holding 1990 1993 1993 Transamerica Transamerica HomeFirst HouseMoney 9 8 9 100 6070 18 88
Home Equity Partner Financial Freedom Union Labor Insurance Freedom Plan 10 2575 11 1980 90 HECM FHA HECM The Housing and Community Development Act of 1987 1988 2 HECM 1989 1991 9 FHA 2,500 HECM HECM 1980 1980 HUD 80 NPO 1965 HECM 10 Cash Account Equity Guard 11 80 89
2012 Summer HECM HUD HECM 1992 12 13 80 1990 HECM HECM 62 HECM HECM HUD 12 1987 HUD HECM HUD 1992 1995 2000 1998 2000 13 Longevity risk 90
HECM HECM FHA HECM HECM 2,500 10 HUD 50 1 50 14 HECM 15 Truth in Lending Act 16 16 50 27 17 1988 2 20 1989 10 1 HECM 1988 Fannie Mae HECM 18 HECM 1938 Government sponsored enterprisegse HECM 14 1991 FHA 2011 11 NRMLA 325 15 HECM 1992 HECM 16 HECM 17 HECM 18 GSE Freddie Mac 91
2012 Summer 3 (2000 ) HUD HECM HECM 1995 HECM 1994 2000 25 HECM FHA 95 HUD 115 FHA 19 19 2009 2 HECM 125 115 92
1989 Wendover Funding HECM HECM HECM HECM HECM 1990 FHA 1995 9 30 25,000 1991 International Mortgage ARCS ARCS Mortgage HECM 1993 12 HECM 1995 9 1996 1 26 1998 HUD HUD Appropriation Act of 4 HECM HUD 93
2012 Summer 1998 275,000 HECM 1999 HECM 20 HECM 1990 157 1999 7,923 90 HECM 1999 10 2000 1999 Lehman Brothers 35 HECM HECM 2010 2007 HUD Ginnie Mae HECM HMBS HECM HMBS HECM HECM HUD 2000 20 2005 2011 2 94
1999 HECM 1997 3 HECM HECM Rhode Island Housing and Mortgage Finance 5 HECM HUD 6 HECM HUD 95
2012 Summer 75 HECM HECM AARP 21 HECM HECM 2010 17.4 2011 5.4 HECM MMI HECM 21 AARP 1958 50 4 AARP 1986 Home Equity Information Center American Association of Retired Person AARP 96
2011 10 22 10 HECM HECM Bruce E. Foote (2010):Reverse Mortgage:,Background and Issues Donald L. Redfoot, Ken Scholen, S.Kathi Brown (2007): Reverse mortgages, Niche Production or Mainstream Solution? Report on the 2006 AARP National Survey of Reverse Mortgage Shoppers Ginnie Mae (2010): Report to Congress Fiscal Year 2010 Reverse Mortgage Education: History of the Reverse Mortgage <http:www.reversemortgageeducation.com/history-of-reverse mortgage> Senior Reverse Mortgage : History of Reverse Mortgages <http:www.seniorreversmortgage,com/history-of-reverse mortgage > U.S. Department of Housing and Urban Development (1992): Preliminary Evaluation Report of FHA s Home Equity Conversion Mortgage Insurance Demonstration U.S. Department of Housing and Urban Development (1995): Evaluation Report of FHA s Home Equity Conversion Mortgage Insurance Demonstration U.S. Department of Housing and Urban Development (2000): Evaluation Report of FHA s Home Equity Conversion Mortgage Insurance Demonstration U.S. Department of Housing and Urban Development (2007): A Turning Point In the History of HUD s Home Equity Conversion Mortgage Program Vishaal B. Bhuyan (2010), Reverse Mortgages and Linked Securities: The Complete Guide to Risk, Pricing, and Regulation 22 () http://www.satsuki-jutaku.jp/ 97
2012 Summer National Reverse Mortgage Lenders Association (2012): Testimony of Peter H. Bell, President & CEO National Reverse Mortgage Lenders Association before the Subcommittee on Insurance, Housing & Community Opportunity House Financial Services Committee 2002 2007 2010 21 ()1995 1999 1996 1999 2000 2009 98