The Court of Appeals for the 11th Circuit affirmed the district court's decision when it held that the HECM statute, 12 U.S.C. 1715z-20, addressed only HUD's authority to insure reverse mortgage loans and not a lender's contractual right to foreclose. Under the HECM statute, the Secretary of HUD is authorized to establish a mortgage-insurance program designed to encourage lenders to offer reverse mortgages.
