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The most common reverse mortgage for seniors today is the FHA HECM, or Home Equity Conversion Mortgage, known as the HUD reverse mortgage program. The Federal Housing Administration developed the FHA HECM senior reverse mortgage program in 1989 to aid keep senior homeowners right where they are, safe and secure, in their own homes, for as long as possible. There are now two different FHA insured HECM loan programs to fit the growing requirements of senior homeowners today. The original Variable Rate option provides the flexibility of multiple payment options.