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Ginnie Mae President Alanna McCargo Statement on Home Equity Conversion Mortgage-Backed Securities Program
Contact: GinnieMaeCommunications@hud.gov
Published Date: 12/28/2022 1:00 PM

WASHINGTON, D.C.—Ginnie Mae is committed to supporting all government mortgage programs. The Home Equity Conversion Mortgage (HECM) is the Federal Housing Administration’s (FHA) reverse mortgage program that supports the retirement security of our nation’s senior citizens by allowing them to tap the equity in their homes.

Ginnie Mae supports the broad availability of HECMs through our HECM Mortgage-Backed Securities (HMBS) program. Any HMBS issuance under our program continues to have the full faith and credit guaranty of the United States Government, including the guaranty of timely payments of principal and interest to bondholders.

The recent acquisition of Ginnie Mae HMBS servicing from Reverse Mortgage Funding LLC was accomplished without negatively impacting borrowers. Borrowers received a notification about the transfer of servicing as required by law. The transfer should be seamless for borrowers and does not change or amend borrower payment schedules or rights under their mortgages. Borrowers can expect to continue to receive payments as usual, consistent with the terms of their reverse mortgage.

Ginnie Mae continues to work in coordination with FHA and the entire HECM industry to ensure stability and liquidity for the programs in the future.

Affected borrowers with questions about the status of their mortgage should contact their mortgage servicer or the FHA at 1-800-CALL-FHA (800-225-5342).

Keep in touch with Ginnie Mae via LinkedIn, Twitter, YouTube and Facebook.

About Ginnie Mae

Ginnie Mae is an entirely government-owned corporation that attracts global capital into the housing finance system to support homeownership for veterans and millions of homeowners throughout the country. Ginnie Mae Mortgage-Backed Security (MBS) programs directly support housing finance programs administered by the Federal Housing Administration, the U.S. Department of Veterans Affairs, the U.S. Department of Housing and Urban Development’s Office of Public and Indian Housing, and the U.S. Department of Agriculture’s Rural Housing Service. Ginnie Mae is the only MBS to carry the explicit full faith and credit of the United States Government.