FHA has released a letter that revises the loan application for reverse mortgages as well as the agreement for these loans. The FHA Home Equity Conversion Mortgage (HECM) is the most popular reverse mortgage program in the United States. Reverse mortgages allow homeowners over the age of 62 to access their home equity by taking out a mortgage loan which requires no payments. The loans provide monthly payments to seniors or the senior can elect to receive the proceeds in a lump sum or a combination of cash and monthly payment. Reverse mortgages have increased in popularity in the past decade as a greater percentage of the population have reached aged 62 with no retirement plans other than social security. Many older Americans are “cash poor” but have a significant amount of equity in their homes.