On July 27, just one day after he spoke with ARC’s president about the matter at the ARC Annual Dinner, Congressman Eliot Engel, called on Housing and Urban Development (HUD) Secretary Julián Castro to issue regulations swiftly to allow co-op owners to take part in HUD’s Home Equity Conversion Mortgage (HECM) program.

“While Congress extended the reverse mortgage option to co-op owners through the Housing and Economic Recovery Act of 2008, HUD has not issued the regulations needed to execute this section of housing law,” Engel said.  “I spoke to Secretary Castro last week, and followed up with a letter, urging him to issue regulations so that co-op owners can also take advantage of this program.”  Read the full text of the Congressman’s press release here.