A recent Participant Memorandum by GNMA (also known as Ginnie Mae) states that it will not allow fixed rate open-ended line of credit loans in its Home Equity Conversion Mortgage (HECM) Home Mortgage Backed Securities (MBHS) pool. Translation: this affects several lenders’ fixed rate products whereby the borrower — after taking the allowable lump sum at closing — was then permitted after a year to take draws on the remaining available principal limit. Fortunately, there is at least one other lender who is still offering its version of a fixed rate reverse mortgage product whereby the borrower may access the remaining principal limit after the first year. The preceding three sentences contain a lot of industry jargon, and I hope any prospective Alabama reverse mortgage borrower who wants clarification on this will contact me. I may be reached at 205-879-2099.