Please be sure to read all of the linked article. It gives a great summary of how a HECM works and how changes being implemented will affect reverse mortgages. These loans will now be very competitive with traditional, forward mortgage rates and costs. And lower rates and costs mean more retained home equity! However the new rules will eliminate in a matter of days many homeowners who can qualify today.
The most important changes in the HECM program ever can be seen here.