A Brief History Of Reverse Mortgages In The U.S.
Reverse mortgages have a relatively short history in the United States, beginning in a bank in Maine in 1961. The federal government systemized reverse mortgages through the Home Equity Conversion Mortgage (HECM) Program under the auspices of the U.S. Department of Housing and Urban Development (HUD) as part of the 1987 Housing and Community Development Act.
Pfau, Wade D. PhD, "A Brief History Of Reverse Mortgages In The U.S." (2016). Faculty Publications. 418.